Respondents in Luxembourg ranked climate change second only to the rising cost of living among the challenges facing their country. More than four in five of them 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 European Investment Bank (EIB).
Key findings
- 95% of respondents in Luxembourg say it is important for their country to adapt to climate change, while nearly half of them (47%) say it needs to be prioritised.
- 82% 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.
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 Luxembourg, 500 people took part in the survey, which was conducted in August 2024.
A priority
- 95% of Luxembourg respondents recognise the need to adapt to climate change (very close to the EU average of 94%). 47% (compared to the EU average of 50%) consider climate adaptation a priority for their country in the coming years, while 48% think it is important but not a priority.
Adapting to climate change is also considered an economic opportunity and a long-term investment::
- 83% of Luxembourg respondents (compared to the EU average of 86%) say that investing in climate change adaptation can create jobs and boost the local economy.
- 82% (compared to an EU average of 85%) believe that investment in climate change adaptation is required now to avoid higher costs in the future.
The impact of climate change and new habits
Luxembourg 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:
- 79% (compared to the EU average of 80%) have experienced at least one extreme weather event in the last five years. 47% have suffered from extreme heat and heatwaves (compared to 55% for the EU), 42% have seen severe storms or hail (8 points above the EU average of 34%) and 41% have been impacted by flooding (21 points above the EU average of 20%).
Extreme weather events have serious, wide-ranging consequences:
- 69% of Luxembourg respondents (very close to the EU average of 68%) report having suffered at least one direct consequence of an extreme weather event. 39% (18 points above the EU average) have been impacted by transport disruptions; 24% (7 points above the average) had property damage (for example, roof damage) from flooding, landslides or soil erosion; and 20% (9 points above the average) have been impacted by excess insurance premiums.
Respondents in Luxembourg are well aware of the need to adapt:
- Half of respondents (albeit less than the EU average of 72%) recognise that they will have to adapt their lifestyle due to climate change.
- 18% (compared to 35% for the EU) 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.
- 12% (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. Most Luxembourg respondents (74%, close to the EU average of 71%) feel they are informed about what they can do to adapt their homes and lifestyles effectively. However, more than half (53%, compared to the EU average of 60%) are unaware of public subsidies or financial incentives to support their efforts.
Adaptation priorities
Respondents in Luxembourg identify the following key priorities for local climate adaptation:
- 52% highlight adding tree-lined streets or creating green spaces to cool cities down.
- 50% highlighted improving infrastructure; such as installing better drainage systems, flood barriers, storm shelters or resilient power grids (11 points above the EU average of 39%).
- 37% mention planting vegetation that is more resilient to climate change.
When asked who should pay for climate change adaptations:
- 39% think that the costs should be borne by the companies and industries that contribute most to climate change.
- 30% think everyone should pay equally.
- 14% say that wealthier individuals should bear the costs through higher taxes.
When asked who should be the first to receive adaptation assistance:
- 55% (17 points above the EU average of 38%) believe that everyone should benefit equally.
- 22% say that people living in high-risk areas should be the first to receive support.
- 15% think that low-income people should be given priority.
Concerns about who should benefit from adaptation aid go beyond national priorities. More than half of respondents in Luxembourg (57%, like the EU average) 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 impacts 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, 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 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).