EIB - European Investment Bank

11/11/2024 | Press release | Distributed by Public on 11/11/2024 00:04

Over two-thirds of Danish respondents consider climate adaptation a national priority, EIB survey shows

Most Danish respondents recognise the need to adapt their lifestyle due to the effects of climate change, according to the annual Climate Survey commissioned by the European Investment Bank (EIB). Danish respondents ranked climate change first among the challenges facing their country. Many believe that investing in adaptation now will prevent higher costs in the future.

Key findings

  • 95% of Danish respondents say it is important for their country to adapt to climate change. 68% say it needs to be prioritised.
  • 88% agree that spending on climate adaptation is required urgently to avoid even higher costs in the future.

As natural disasters increase in frequency and severity, the economic toll of climate change continues to rise. Scientists warn that these disasters will become increasingly costly. According to a report by the European Environment Agency,[1] Europe is currently the fastest-warming continent, with the number of extreme weather events expected to increase as global temperatures rise. A higher number of extreme weather events poses a significant threat to infrastructure and the stability of global water and food supplies, underlining the urgent need for comprehensive climate change adaptation strategies.

"Danish respondents clearly recognise the urgent need to adapt to climate change, with more than two-thirds identifying it as a national priority. The EIB is committed to supporting Denmark, not only by financing projects that improve infrastructure resilience and create jobs, but also by providing advisory services to ensure effective, long-term solutions. By investing in climate adaptation today, we are helping to ensure a sustainable and prosperous future for Denmark," said EIB Vice-President Ioannis Tsakiris.

Today, the EIB released its seventh annual Climate Survey, which presents the views of over 24 000 respondents from across the European Union and the United States on the topic of climate change. In Denmark, 1 000 people took part in the survey, which was conducted in August 2024.

A priority

Danish respondents were the only respondents from the EU to consider climate change the biggest challenge facing their country.

In view of this:

  • 95% (close to the EU average of 94%) recognise the need to adapt to climate change. 68% of Danish respondents (18 points above the EU average) consider climate adaptation a priority for their country for the coming years.

Adaptation to climate change is also considered an economic opportunity and a long-term investment:

  • 88% say that investing in climate change adaptation can create jobs and boost the local economy.
  • 88% believe that adapting to climate change requires investment now to avoid higher costs later.

The impact of climate change and new habits

Danish respondents recognise the economic opportunities that climate change adaptation measures present, while first-hand experiences of extreme weather events add to the sense that urgent action is required:

  • 65% of Danish respondents (5 points below the EU average of 80%) have experienced at least one extreme weather event in the last five years. 28% have seen heavy storms or hailstorms, 25% have suffered from extreme heat and heatwaves and 25% have faced inland floods.

Extreme weather events have serious, wide-ranging consequences:

  • 66% of Danish respondents (slightly lower than the European average of 68%) reported having suffered at least one direct consequence of an extreme weather event. 30% (9 points above the EU average) were impacted by transport disruptions, such as road closures, damaged bridges or public transport delays, 17% had damage caused to their property, such as roof damage, caused by flooding, landslides or erosion, and 15% have experienced disruption to public services, such as school closures or delayed waste collection.

Danish respondents are well aware of the need to adapt:

  • 59% of Danish respondents (compared to the EU average of 72%) recognise that they will have to adapt their lifestyle due to climate change.
  • 30% (compared to the EU average of 35%) think they will have to move to a less climate-vulnerable place (whether locally or abroad) to avoid floods, forest fires or other extreme weather events.
  • 22% (compared to an EU average of 28%) say they will have to move to a cooler region or country.

To be able to adapt to climate change, individuals need the right information. Encouragingly, 69% of Danish people (although slightly below the EU average of 71%) feel they are informed about what they can do to adapt their homes and lifestyles effectively. However, 63% of Danish respondents (compared to the EU average of 60%) are unaware of public subsidies or financial incentives to support their efforts.

Adaptation priorities

Danish respondents identify the following key priorities for local climate adaptation:

  • 49% cite improving infrastructure; for example, installing better drainage systems, flood barriers, storm shelters or more resilient power grids.
  • 42% note the need to educate the public on which behaviours to adopt in order to prevent and respond to problems caused by extreme weather events.
  • 29% mentioned planting vegetation that is more resilient to climate change.

When asked who should pay for climate change adaptations:

  • 39% think everyone should pay equally.
  • Almost a third (32%) think that the costs should be borne by the companies and industries that contribute most to climate change.
  • 12% say that wealthier individuals should pay through higher taxes.

When asked who should receive support first:

  • 44% (6 points above the EU average) believe that everyone should benefit equally.
  • 21% say that people living in high-risk areas should be the first to receive support.
  • 21% think that the elderly should be prioritised.

Concerns about who should benefit from adaptation aid go beyond national priorities. 62% of Danish respondents (5 points above the EU average of 57%) recognise the need to support global adaptation efforts and believe that their country should do more to help the most vulnerable developing nations adapt to the growing impact of climate change.

Background information

EIB Group

The ElB is the long-term lending institution of the European Union, owned by the Member States. It finances sound investment contributing to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing in 2023 - 90% of it in the European Union. These commitments are expected to mobilise around €320 billion in investment, supporting 400 000 companies and 5.4 million jobs.

All projects financed by the EIB Group are in line with the Paris Climate Agreement. The EIB Group does not fund investments in fossil fuels. It is on track to deliver on its commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030, as pledged in its Climate Bank Roadmap. Over half of the EIB Group's annual financing supports projects that contribute directly to climate change mitigation and adaptation, and a healthier environment.

Around half of EIB' financing within the European Union is directed to cohesion regions, where per capita income is lower. This underscores the Bank's commitment to fostering inclusive growth and the convergence of living standards.

The EIB and climate adaptation in Denmark

The EIB Group supports Denmark's national priorities, including climate-related investments in sustainable transport, renewable energy and energy efficiency in buildings. The EIB and its subsidiary, the EIF, support Denmark's national priorities in many different areas, both directly and also via partners such as the Export and Investment Fund of Denmark. The EIB has invested in renewable energy generation through Vestas and Ørsted, as well as in energy-efficient housing, the electrification of railways, and climate-related innovation projects undertaken by Danish companies. It is also boosting investments in e-mobility solutions and sustainable cities, impacting people across the globe. It also partners with commercial banks and financial institutions to ensure that Danish small and medium businesses have access to the finance they need for innovation and climate adaptation, and to accelerate the green, digital and energy transitions.

The EIB Climate Survey

The EIB, the climate bank, released the seventh annual EIB Climate Survey today. The survey contains the views of over 24 000 respondents. Since its inception in 2018, it has provided valuable insight into how people in the European Union and the United States feel about climate change. This year's survey was run by BVA Xsight from 6 to 23 August 2024. Respondents could complete it online by computer, tablet or mobile phone. More information about the methodology can be found here.

[1]Europe is not prepared for rapidly growing climate risks | European Environment Agency's home page (europa.eu)