Among the challenges facing their country, Latvian respondents only ranked climate change eighth. Despite this, they recognise that climate adaptation has to be considered important, if not a priority, in the years to come. Nearly four in five Latvian respondents agree that investing in climate adaptation now is necessary to avoid higher costs in the long run, according to the annual Climate Survey commissioned by the EIB.
Key findings
- 88% of Latvian respondents say it is important for their country to adapt to climate change.
- 77% agree that spending on climate adaptation is required urgently to avoid even higher costs in the future.
In 2024, Latvia experienced severe weather events, including a major storm on 29 July that brought heavy rain and strong winds, resulting in power outages for around 30,000 households and extensive damage across the country. As a result of the storm, more than 850 emergency calls were made to report wind damage, while heavy rainfall led to flooding in several areas, prompting authorities to advise residents to stay indoors for safety reasons.
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.
“Latvians recognise the growing urgency of adapting to climate change and it is clear that immediate investments in adaptation will bring long-term benefits. The EIB is committed to supporting Latvia by financing projects that strengthen local resilience, create jobs and boost the economy. By investing now, we can secure a more sustainable future for all and minimise the costs of inaction”, EIB Vice-President Thomas Östros said.
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 Latvia, 508 people took part in the survey, which was conducted in August 2024.
A priority
- 88% of Latvian respondents (6 points below the EU average) recognise the need to adapt to climate change. 23% (compared to the EU average of 50%) consider climate adaptation a priority for their country for the coming years, while 65% think it is important but not a priority.
Adaptation to climate change is also considered an economic opportunity and a long-term investment:
- 77% (compared to the EU average of 85%) believe that adapting to climate change requires investment now to avoid higher costs later.
- 72% of respondents (compared to the EU average of 86%) say that investing in climate change adaptation can create jobs and boost the local economy.
The impact of climate change and new habits
Latvian 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:
- 80% (the same as the EU average) have experienced at least one extreme weather event in the last five years. 49% have seen heavy storms or hail, 34% have suffered from extreme heat and heatwaves and 23% have experienced droughts.
Extreme weather events have serious, wide-ranging consequences:
- 77% of Latvian respondents (9 points above the European average of 68%) reported having suffered at least one direct consequence of an extreme weather event. 33% were impacted by power cuts or energy supply issues, 26% by transport disruption, and 22% by property damage, such as roof damage, due to flooding, landslides or soil erosion.
Latvian respondents are well aware of the need to adapt:
- 50% of Latvian respondents (compared to the EU average of 72%) recognise that they will have to adapt their lifestyle due to climate change.
- 34% (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.
- 27% (compared to 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. However, only 52% of Latvian respondents (compared to the EU average of 71%) feel they are informed about what they can do to adapt their homes and lifestyles effectively. In addition, 71% (11 points above the EU average of 60%) are unaware of public subsidies or financial incentives to support their efforts.
Adaptation priorities
Latvian respondents identify the following key priorities for local climate adaptation:
- 52% (13 points above the EU average of 39%) cite improving infrastructure; for example, installing better drainage systems, flood barriers, storm shelters or more resilient power grids.
- 34% (6 points above the EU average of 28%) mention improving insulation in homes and public buildings.
- 32% (6 points below the EU average of 38%) 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:
- 38% think that the costs should be borne by the companies and industries that contribute most to climate change.
- 24% think everyone should pay equally.
- 12% say that wealthier individuals should bear the costs through higher taxes.
When asked who should receive support first:
- 38% believe that everyone should benefit equally.
- 25% think that the elderly should be prioritised.
- 23% say that children should be the first to benefit.
Background information
EIB Group
The ElB 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 Latvia
The EIB supported a major water and wastewater renovation and extension project in Riga, with the aim of furthering the green transition. The investment was made with environmental objectives, mainly through the reduction of groundwater and surface water pollution, facilitating a more efficient use of water resources, as well as increased energy efficiency and renewable energy generation. Both the EIB and the EIF have signed deals with local banks in the Baltics to help small and medium businesses in the region access finance, with a focus on 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).