- 70% of Bulgarian respondents believe the shift to a climate-neutral economy can only happen if inequalities are addressed at the same time.
- Three-quarters favour eliminating subsidies and tax breaks for the aviation sector and all companies that rely heavily on fossil fuels.
- A majority say they would accept an income-tax increase to help people with the lowest incomes adapt to climate-related policies.
- A minority of respondents believe the government should provide financial compensation to affected countries for climate change they did not contribute to.
The European Investment Bank (EIB) today launched the sixth edition of its Climate Survey. These are some of the most striking results of this annual survey conducted in August and September 2023. Running since 2018, the EIB Climate Survey offers insights into the climate change-related views of people in major economies around the world, with more than 30 000 respondents in the European Union, the United States, China, India, Japan, the United Kingdom, UAE, Canada and South Korea. The EIB is the lending arm of the European Union and the world’s largest multilateral lender for climate action projects.
After another challenging year marked not only by inflation but also by record heatwaves and droughts as well as severe floods, Bulgarians have become more acutely aware of the profound impact of climate change and the need for immediate action, according to the results of the EIB Climate Survey. While the rising cost of living is considered the number one challenge for Bulgarians (70% of respondents place it in the top three concerns for their country, slightly above the EU average), followed by political instability (56%) and income inequalities (42%), climate change impacts and environmental degradation come in fourth position, with 30% considering them a major concern (20 points below the EU average of 50%).
The financial cost and implications of the green transition are likely to affect personal budgets, with lower-income households hit the hardest.
With economic disparities ranked as the third most significant challenge by respondents, most Bulgarians are calling for fair policies to address the climate emergency. 72% (compared to 68% on average in the European Union) say the transition to a low-carbon economy can only happen if social and economic inequalities are addressed at the same time.
However, only 28% of respondents say they are confident in the government’s ability to carry out such a just climate transition.
The question of compensation to developing countries to help them deal with the impacts of climate change is expected to be a central topic at the 2023 UN Climate Change Conference in Dubai (COP28). . However, Bulgarians are split on whether to extend aid beyond their borders to support the countries most vulnerable to climate change and ensure a global just transition to a climate-neutral and resilient future.
44% of respondents (16 points below the EU average of 60%) agree that the country should financially compensate affected nations to help them fight climate change.
Taxes to support a just transition
Survey results show that 61% of Bulgarians (2 points above the EU average of 59%) would be willing to pay more income tax to help lower-income households cope with the costs of a green transition. 49% would agree to pay an extra 1-2% of their income and 12% would agree to an extra 5-10%.
Most Bulgarian respondents said they would also be in favour of other kinds of climate-related taxes. For example, 76% said they would favour a fossil fuel tax reform to eliminate subsidies and tax breaks for the aviation sector and other industries that rely heavily on fossil fuels.
Comments from EIB Vice-President Kyriacos Kakouris:
“The latest EIB Climate Survey underlines Bulgarians’ profound awareness of climate change and their commitment to tackle it head on. They recognise that a successful transition to a climate-neutral world goes hand in hand with addressing social and economic inequalities. At the European Investment Bank, we are fully committed to supporting a just transition that leaves no one behind. Solidarity and actionable measures are more important now than ever.”
About the EIB Climate Survey
The European Investment Bank (EIB) has now completed the sixth annual EIB Climate Survey, a thorough assessment of how people feel about climate change. Conducted in partnership with the market research firm BVA, the sixth edition of the EIB Climate Survey aims to inform the broader debate on attitudes and expectations in terms of climate action. More than 30 000 respondents participated in the survey from 7 August to 4 September 2023, with a representative panel of people aged 15 and above for each of the 35 countries polled (EU 27, the United States, China, the United Kingdom, India, Japan, South Korea, Canada and UAE).
About the European Investment Bank
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It is active in more than 160 countries and makes long-term finance available for sound investment in order to contribute towards EU policy goals.
- In 2019, the EIB adopted an updated energy lending policy ending financing to any unabated fossil fuel energy projects, including natural gas. The EIB was the first multilateral development bank to do this.
- In 2021, the EIB also became the first multilateral development bank to align its financial activities with the Paris Agreement.
- Through its Climate Bank Roadmap, the EIB Group aims to support €1 trillion of investment in climate action and environmental sustainability through the critical decade 2021-2030.
- It also made a commitment to increase investment in climate action and environmental sustainability to more than 50% of its annual lending by 2025 (last year that goal was exceeded with a figure of 58%).
EIB Global is the EIB Group’s specialised arm dedicated to operations outside the European Union and is a key partner of the EU Global Gateway strategy. It aims to support at least €100 billion of investment by the end of 2027, around one-third of the overall target of the Global Gateway. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to local communities, companies and institutions through its offices across the world.
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