More than three-quarters of Portuguese 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). Although they ranked climate change fifth on Portugal’s list of priorities, a majority believe that investing in adaptation now will prevent higher costs in the future.
Key findings
- 99% of Portuguese respondents say it is important for their country to adapt to climate change, while 66% say it needs to be prioritised.
- 95% 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.
“People know we must act now to adapt to and mitigate the effects of climate change, but an orderly transition also makes the most economic sense. Every €1 invested in prevention and resilience saves between €5 and €7 in repairing damage,” EIB President Nadia Calviño 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 Portugal, 1 009 people took part in the survey, which was conducted in August 2024.
A national priority
When respondents were asked to rank the biggest challenges for Portugal, climate change tied for fifth place, with political instability. These came behind the rising cost of living, access to healthcare, large-scale migration and unemployment.
Although Portuguese respondents do not view climate change as the biggest challenge:
- 99% of them – vs. an average of 94% for the EU – recognise the need to adapt to climate change. Two-thirds – 66%, 16 points above the EU average of 50% – consider climate adaptation a priority for their country in the coming years. 33% consider it important.
Adapting to climate change is also seen as an economic opportunity and a long-term investment:
- 95% – compared to the EU average of 86% – say that investing in climate change adaptation can create jobs and boost the local economy.
- 95% – compared to the EU average of 85% – believe that that adapting to climate change requires investment now to avoid higher costs later.
The impact of climate change and new habits
Portuguese 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:
- 86% of them – 6 points above the EU average – have experienced at least one extreme weather event in the last five years. 63% – 8 points above the EU average – have suffered from extreme heat and heatwaves, 48% – 27 points above the EU average – have faced wildfires and 43% – 8 points above the EU average – have experienced droughts.
Extreme weather events have serious, wide-ranging consequences:
- 71% of Portuguese respondents reported having suffered at least one direct consequence of an extreme weather event. 28% – 9 points above the EU average – saw forests or natural spaces near their homes destroyed, 24% experienced health issues like heat stroke or respiratory problems, and 19% were impacted by transportation disruptions.
Portuguese respondents are well aware of the need to adapt:
- 77% of them – compared to 72% for the EU – recognise that they will have to adapt their lifestyle due to climate change.
- 37% 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.
- 30% 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, most Portuguese respondents – 77%, 6 points above the EU average of 71% – feel they are informed about what they can do to adapt their homes and lifestyles effectively. However, 53% of them – compared to the EU average of 60% – are unaware of public subsidies or financial incentives to support their efforts.
Adaptation priorities
Portuguese respondents identify the following key priorities for local climate adaptation:
- 52% – 14 points above the EU average of 38% – think that the general public should be educated to adopt behaviours that help to prevent or cope with extreme weather events.
- 38% highlight cooling cities down.
- 37% cite improving infrastructure.
When asked who should pay for climate change adaptations:
- Half of respondents – 49%, 14 points above the EU average – think that the costs should be borne by the companies and industries that contribute most to climate change.
- 30% think everyone should pay equally.
- 8% 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.
- 32% think that the elderly should be prioritised.
- 25% say that people living in high-risk areas should be the first to receive support.
Concerns about who should benefit from adaptation aid go beyond local priorities. A majority – 67%, 10 points above 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 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 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 Portugal
In 2023, EIB investment in Portugal to promote climate action and environmental sustainability reached €746 million. Among other landmark projects, the EIB Group and commercial banks signed securitisation operations to support the financing of energy efficiency investments to rehabilitate existing buildings and build new, energy-efficient ones. This will allow green, sustainable mortgages to be granted for individuals and housing cooperatives that invest in building rehabilitation or new builds with high energy efficiency standards, in compliance with the Bank’s conditions for eligibility.
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).