Among the challenges facing their country, Finnish respondents only ranked climate change sixth. Nevertheless, more than four in five Finnish 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 European Investment Bank (EIB).
Key findings
- 93% of Finnish respondents say it is important for their country to adapt to climate change, while almost a quarter (23%) say it needs to be prioritised.
- 83% 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.
“Finnish people understand the importance of acting now to protect the country from the growing impacts of climate change. The EIB stands ready to support Finland by financing adaptation projects that not only protect communities, but also boost local economies. By investing today, we can ensure a resilient future for all in Finland,” said EIB Vice-President Thomas Östros.
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 Finland, 1 000 people took part in the survey, which was conducted in August 2024.
A priority
Although Finnish respondents ranked climate change as the sixth-biggest challenge facing their country, they still consider climate adaptation an important issue:
- 93% (just below the EU average of 94%) recognise the need to adapt to climate change. 23% (27 points below the EU average of 50%) consider climate adaptation a priority for their country for the coming years, while 69% consider it important but not a priority.
Adaptation to climate change is also considered an economic opportunity and a long-term investment:
- 83% (compared to the EU average of 85%) believe that adapting to climate change requires investment now to avoid higher costs later.
- 82% 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
Finnish 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:
- 61% (compared to the EU average of 80%) have experienced at least one extreme weather event in the last five years. 36% have experienced cold spikes, 34% have suffered from extreme heat and heatwaves and 19% have seen severe hailstorms.
Extreme weather events have serious, wide-ranging consequences:
- 52% of Finnish respondents (compared to the EU average of 68%) reported having suffered at least one direct consequence of an extreme weather event. 20% were impacted by power cuts or energy supply issues, 14% by transport disruption, such as road closures, damaged bridges or public transport delays, and 13% by food supply issues, such as reduced availability of certain products.
Finland has seen fewer extreme weather events than many other EU countries. Nevertheless, a sizeable proportion of Finnish respondents are aware of the need to adapt:
- 38% of Finnish respondents (compared to the EU average of 72%) recognise that they will have to adapt their lifestyle due to climate change.
- 15% (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.
- 15% (13 points below 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. 70% (just below the EU average of 71%) feel they are informed about what they can do to adapt their homes and lifestyles effectively. However, 62% (close to the EU average of 60%) are unaware of public subsidies or financial incentives to support their efforts.
Adaptation priorities
Finnish respondents identify the following key priorities for local climate adaptation:
- 42% (similar to the EU average) mention creating green spaces or planting trees along streets to cool cities down.
- 36% (slightly below the EU average of 39%) cite improving infrastructure; for example, installing better drainage systems, flood barriers, storm shelters or more resilient power grids.
- 35% (slightly 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.
- 36% think everyone should pay equally.
- 11% say that wealthier individuals should bear the costs through higher taxes.
When asked who should receive support first:
- 43% – a strong proportion of Finnish respondents – believe that everyone should benefit equally.
- 25% think that the elderly should be prioritised.
- 21% 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 investment contributing to 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 Finland
In Finland, 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 pledged almost €1 billion in financing for new projects in Finland, with 60% of that amount dedicated to climate action and environmental sustainability initiatives. Recently, the EIB has facilitated the green transition by supporting the refurbishment of smartphones, the manufacture of greener packaging for food and personal care products, and the replacement of fossil-based heating plants with renewable energy sources. Additionally, the EIF has partnered with leading Finnish banks to enable around €1 billion in lending for projects that advance Finland’s climate objectives and environmental sustainability. Through a guarantee to Finnvera, the EIB is also supporting Finnish mid-caps that promote employment, growth, and 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)