11/11/2024 | Press release | Distributed by Public on 11/11/2024 00:04
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
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:
Adaptation to climate change is also considered an economic opportunity and a long-term investment:
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:
Extreme weather events have serious, wide-ranging consequences:
Danish respondents are well aware of the need to adapt:
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:
When asked who should pay for climate change adaptations:
When asked who should receive support first:
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)