Among the challenges facing Slovakia, respondents ranked climate change eighth. Despite this, nearly nine out of ten Slovak respondents agree that investing now in climate adaptation 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
- 93% of Slovak respondents say it is important for their country to adapt to climate change, while over a third (35%) say it needs to be prioritised.
- 88% agree that spending on climate adaptation is required urgently to avoid even higher costs in the future.
In September this year, Slovakia experienced severe flooding due to heavy rainfall associated with Storm Boris. The intense storms caused rivers, including the Danube and Morava, to overflow, leading to significant flooding in areas such as Bratislava and the Kysuca and Myjava river basins. Residents were evacuated from the affected areas and there were reports of damage to property and disruption to transport networks.
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.
“Adapting to climate change is not only essential for Slovakia’s resilience, but is also an opportunity to create jobs and boost the local economy,” said EIB Vice-President Kyriacos Kakouris. “The vast majority of Slovaks recognise the importance of adaptation and the EIB Group is fully committed to supporting Slovakia’s journey towards a more climate-resilient future that benefits all.”
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 Slovakia, 510 people took part in the survey, which was conducted in August 2024.
A priority
Although Slovak respondents ranked climate change as the eighth-biggest challenge facing their country, responses show that they consider climate change adaptation an important issue:
- 94% (the same as the EU average) recognise the need to adapt to climate change. 35% (15 points below the EU average of 50%) consider climate adaptation a priority for their country for the coming years, while 58% consider it important but not a priority.
Adaptation to climate change is also considered an economic opportunity and a long-term investment:
- 88% believe that adapting to climate change requires investment now to avoid higher costs later.
- 87% say that investing in climate change adaptation can create jobs and boost the local economy.
The impact of climate change and new habits
Slovak 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:
- 87% (compared to the EU average of 80%) 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, 45% (10 points above the EU average) have experienced droughts and 45% (11 points above the EU average) have seen heavy storms or hail.
Extreme weather events have serious, wide-ranging consequences:
- 70% of Slovak respondents (compared to the EU average of 68%) reported having suffered at least one direct consequence of an extreme weather event. 29% were impacted by power cuts or energy supply issues (9 points above the EU average), 24% by transport disruptions (such as road closures, damaged bridges or public transport delays) and 23% have suffered from health issues (such as heat stroke or respiratory problems).
Slovak respondents are well aware of the need to adapt:
- 68% recognise that they will have to adapt their lifestyle due to climate change.
- 26% (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.
- 23% (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. Encouragingly, 66% of Slovak respondents (slightly below the EU average of 71%), feel they are informed about what they can do to adapt their homes and lifestyles effectively. However, 66% (compared to the EU average of 60%) are unaware of public subsidies or financial incentives to support their efforts.
Adaptation priorities
Slovak respondents identify the following key priorities for local climate adaptation:
- 47% (5 points above the EU average) highlight creating green spaces and planting trees along streets to cool cities down.
- 40% (5 points above the EU average) note planting vegetation that is more resilient to climate change.
- 39% cite improving infrastructure; for example, installing better drainage systems, flood barriers, storm shelters or more resilient power grids.
When asked who should pay for climate change adaptations:
- 44% (9 points above the EU average) think that the costs should be borne by the companies and industries that contribute most to climate change.
- 23% (9 points below the EU average) think everyone should pay equally.
- 15% say that wealthier individuals should bear the costs through higher taxes.
When asked who should receive support first:
- 39% believe that everyone should benefit equally.
- 27% think that the elderly should be prioritised.
- 23% say that people living in high-risk areas should be the first to receive support.
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 Slovakia
In Slovakia, the EIB is supporting climate adaptation and mitigation projects that have a direct and everyday impact on businesses and people. In 2023, the EIB Group invested more than €44.5 million in climate action and environmental sustainability projects in Slovakia. It invested in Slovakia’s capacity to generate renewable energy, namely in solar power, and also supported energy efficiency and climate action projects run by small and medium-sized enterprises (SMEs) and mid-caps in Slovakia. It partners with commercial banks and financial institutions to ensure that SMEs 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).