EU policymakers are asking for feedback on the possible creation of climate adaptation investment plans and the development of public-private partnerships to finance resilience in the region.
The European Commission today launched a consultation on a legislative proposal aimed at strengthening the bloc’s approach to climate adaptation and resilience.
“EU and national climate-resilience policies and measures are currently not fit for purpose,” the consultation acknowledged.
To address this, the Commission wants to introduce a package of legislative and non-legislative tools, including those that help the private sector “factor in climate resilience in investment and financial decisions, to reduce climate-related economic losses, minimise disruptions to business continuity and maintain revenues”.
One idea put forward in the consultation is the introduction of national adaptation plans that “serve as resilience and adaptation investment plans, unlocking the full potential of private-sector funding”.
Respondents are asked to identify the key obstacles to allocating capital to relevant projects, the policies that would help overcome them.
In addition, the Commission suggests the private sector needs more guidance on how to incorporate climate resilience into investment and business decisions.
“The Commission considers developing a user-friendly web-based tool for non-experts that provides authoritative and harmonised quantitative information on climate change across Europe,” it explained elsewhere in the document.
“This tool could translate the common climate scenarios into national, regional and local climate and weather conditions that can be expected under these scenarios, and help to find possible solutions for addressing the identified risks.”
It also wants to develop “effective public-private risk-sharing mechanisms for climate-adaptation investments”.Blended finance products, public-private partnerships and disaster bonds are all namechecked in the document as possible options to pursue, as well as insurance products.
The Commission insisted the agenda was compatible with the EU’s current emphasis on competitiveness, which has seen it retreat from many of its existing sustainability initiatives.
“Climate resilience and preparedness go beyond minimising and managing risks,” argued today’s document.
“They open a new world of commercial opportunities and potential to innovate and create new project pipelines and markets.”
The consultation is open until 23 February.
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