The cost of climate change in Greece is expected to rise to 200 billion euros by 2100 in the event that all the necessary measures are not taken, according to the governor of the Bank of Greece, Mr. Giannis Stournara.
Mr. Stournaras attended on Friday the presentation of the interim results of the study on the vulnerability and effects of climate change in Greece.
Details of what Mr. Stournaras stated
“I would like to welcome you and thank you for your presence at today’s event. The Bank of Greece, continuing its many years of engagement with climate and sustainability issues, presents today the first – intermediate – results of studies on the evolution of climate change, vulnerability and impacts in Greece.
In 2011, when the Committee for the Study of the Effects of Climate Change (EMEKA) of the Bank of Greece, after more than two years of studies and research, published its first results, it created a new view on the issues of climate change in Greece.
EMEKA estimated the cost of the predicted climate changes for the Greek economy, the cost of any inaction, almost 200 billion euros by 2100 at a 2% discount rate, but also the benefit, of the order of 30%, from taking adaptation measures .
It demonstrated upcoming risks but at the same time recognized opportunities, and above all the importance of adaptation to climate change, a topic on which we have focused our studies since then, with the signing of a memorandum of cooperation with the Ministry of Environment and Energy, the writing of the draft National Strategy Adaptation to Climate Change and our participation in the LIFE-IP AdaptivGreece program.
In the time between the first studies of EMEKA until today, humanity has faced multiple crises, which have affected geopolitical, economic and social stability, with climate change emerging as the most important challenge of our time.
After the recent natural disasters that hit Greece this year, it is becoming evident that extreme weather events cause losses, both short-term and long-term, to natural, financial and human capital, further reducing the resilience of the economy and society to climate change.
As the chronic impacts will continue to escalate, immediate action by policymakers becomes necessary, in addition to the level of climate change mitigation and adaptation.
Especially on the adaptation front, global progress is slowing down, with estimates of the amount of investment required increasing, while at the same time climate risks are widening.1 Further delay in the collective implementation of measures and policies will deepen the consequences of the crisis. , while greater capital flows will be required to deal with it in the future.
Even if the action to tackle the climate crisis mainly concerns the political leaders of the states, central banks have already taken an active role in climate and sustainability issues, always within the limits of their mandate.
The European Central Bank aims with its action to understand and manage risks arising from climate change, to support the green transition to a zero-pollution economy and to promote wider collaborations with European and international partners on climate and sustainable finance issues. To achieve the above goals, a comprehensive and ambitious action plan is already in place from 2021 to further integrate climate parameters into its strategy and to more systematically consider sustainability issues in its actions.
At the Bank of Greece, as I already mentioned, we have been systematically dealing with climate and sustainability issues for the last 15 years. Initially in 2009 with the creation of EMEKA and from 2014 with our contribution to the formulation of adaptation policies.
In fact, in June 2021 we created the Climate Change and Sustainability Center of the Bank of Greece, with the main task of coordinating our related activities, while in November of the same year, in the context of the United Nations Conference on Climate Change (COP26), we published our commitment to contribute, within the framework of our mandate, to the implementation of the Paris Agreement, with relevant actions in the fields in which we operate.3
According to ifimerida, our contribution to research continues with the publication today of the results of the studies on the evolution of climate change, vulnerability and impacts, carried out in the framework of the work of EMEKA and the LIFE-IP AdaptivGreece project.
Within the next year, it is expected that all relevant studies will be completed, which will include, among other things, the impacts by economic activity sector, the vulnerability and the costs of climate change and will feed into the revision of the National Strategy for Adaptation.
Closing this short greeting, I would like to thank the members of EMEKA and the authors of the studies for their valuable contribution. I hope that the publication of the results will contribute substantially to the dialogue on the issues of adaptation and above all to the strengthening of climate action in Greece”.
Read also:
Patras: How the criminal organization that committed thefts and frauds operated – Among those arrested was the leading member – The announcement of ELAS on the revelation of pelop.gr NEW
New worsening weather emergency: Where the bad weather is already hitting – Temperatures plummet
Patras: The coveted Suburban contract was signed – Countdown for projects
Mitsotakis: The Beleri issue is a Rule of Law issue
#Stournaras #cost #climate #change #expected #reach #billion #euros
