Nearly nine in ten Greek 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). Among the challenges facing Greece, respondents ranked climate change second only to the cost of living. Many believe that investing in adaptation now will not only boost the economy, but will also prevent higher costs in the future.
Key findings
- 98% of Greek respondents say it is important for their country to adapt to climate change. 60% say it needs to be prioritised.
- 90% agree that spending on climate adaptation is required urgently to avoid even higher costs in the future.
Once again, Greece has faced multiple severe weather events this year, including Storm Atena in September, which brought heavy rainfall and thunderstorms, an extended period of adverse weather later that month, and extreme heat in the summer, which contributed to a major forest fire near Athens in August. These events led to widespread warnings, evacuations and significant disruption across the country.
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.
“At the EIB we recognise that adapting to climate change is not only a necessity for the future, but also an immediate priority for Greece. Adapting to climate change is not only a moral responsibility but also an economic opportunity. By investing now, we can protect lives, support sustainable growth and minimise the long-term costs of inaction. The EIB is committed to working with Greece, providing both financing and advisory services for the implementation of effective and resilient climate adaptation strategies that leave no one behind,” 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 Greece, 1 000 people took part in the survey, which was conducted in August 2024.
A priority
Greek respondents say that climate change and unemployment are the second-biggest challenges facing their country, after the rising cost of living.
In view of this:
- 98% (compared to the EU average of 94%) recognise the need to adapt to climate change. 60% (10 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:
- 92% of respondents (compared to the EU average of 86%) say that investing in climate change adaptation can create jobs and boost the local economy.
- 90% (compared to the EU average of 85%) believe that adapting to climate change requires investment now to avoid higher costs later.
The impact of climate change and new habits
Greek 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:
- 94% of Greek respondents (14 points above the EU average) have experienced at least one extreme weather event in the last five years. 61% (6 points above the EU average) have suffered from extreme heat and heatwaves, 46% (25 points above the EU average) have faced wildfires and 34% (similar to the EU average) have experienced droughts.
Extreme weather events have serious wide-ranging consequences, which are already severely impacting Greece:
- 86% of Greek respondents (18 points above the European average of 68%) reported having suffered at least once direct consequence of an extreme weather event. 36% (16 points above the EU average) were impacted by power cuts or energy supply issues, 32% (13 points above the EU average) saw forests or natural spaces near their homes destroyed and 27% (6 points above the EU average) have experienced transport disruption, such as road closures, damaged bridges or public transport delays
Given that Greece has particularly suffered from the effects of extreme weather events in recent years, Greek respondents are well aware of the need to adapt:
- 87% of Greek respondents (15 points above the EU average of 72%) recognise that they will have to adapt their lifestyle due to climate change.
- 55% (20 points above 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.
- 48% (20 points above the 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, 72% of Greek respondents (just above the EU average of 71%) feel they are informed about what they can do to adapt their homes and lifestyles effectively. Additionally, 68% of Greek respondents (compared to the EU average of 40%) are aware of public subsidies or financial incentives to support their efforts.
Adaptation priorities
Greek respondents identify the following key priorities for local climate adaptation:
- 50% (compared to an EU average of 39%) cite improving infrastructure; for example, installing better drainage systems, flood barriers, storm shelters or more resilient power grids.
- 45% highlight cooling cities down.
- 40% note the need to educate the public on which behaviours to adopt in order to prevent or respond to problems caused by extreme weather events.
When asked who should pay for climate change adaptations:
- 42% (7 points above the EU average) think that the costs should be borne by the companies and industries that contribute most to climate change.
- 25% (7 points below the EU average) think everyone should pay equally.
- 18% say that wealthier individuals should bear the costs through higher taxes.
When asked who should receive support first:
- 35% believe that everyone should benefit equally.
- 30% (7 points above the EU average) say that people living in high-risk areas should be the first to receive support.
- 27% think that the elderly should be prioritised.
Concerns about who should benefit from adaptation aid go beyond national priorities. 73% of Greek respondents (16 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 EIB is the long-term lending institution of the European Union, owned by the Member States. It finances sound investments that pursue 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 Greece
In Greece, the EIB is supporting climate adaptation and mitigation projects on a local, regional and national level that have a direct and everyday impact on businesses and people. In 2023, the EIB Group invested €810 million in climate action and environmental sustainability projects in Greece. It is boosting capacity for renewable energy generation and investing to upgrade Greece’s electricity networks, as well as supporting projects to improve energy efficiency to make homes and workplaces more sustainable. It is also accelerating investment in e-mobility solutions and sustainable transport in cities and beyond, partnering with the private sector to support the electrification of intercity road transport, and also joining forces with public authorities to develop and roll out low-emission public transport projects. It partners with commercial banks and financial institutions to ensure that small and medium businesses can access the finance they need for investments in energy efficiency and climate adaptation projects, and to accelerate the green transition.
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).