BoG announces preliminary results of report on impact of climate change on the Greek economy
During the event, new climate models (up until 2100) were presented, along with the estimated impact of climate change on critical sectors, such as agriculture and transportation, and a first vulnerability assessment of climate change in Greece. By the end of 2024, the updated final report will be released, including, among other things, the expected changes in the climate for the next decades, the impact of climate change on the most vulnerable sectors of economic activity, a vulnerability assessment of climate change for the Greek economy and a cost assessment of climate change in Greece.
The project “ LIFE-IP AdaptInGR - Boosting the implementation of adaptation policy across Greece”, in which the Bank of Greece participates, is the most important project for adapting Greece to climate change, coordinated by the Ministry of Environment and Energy and implemented with the participation of 18 strategic beneficiaries from the public sector, local government, the academic community and non-governmental organisations. The project is co-financed by the LIFE Programme of the European Union and the Green Fund and aims to catalyse the implementation of the Greek National Adaptation Strategy and the 13 Regional Adaptation Action Plans, preparing their revision after 2026, with appropriate actions at a national, regional and local level.
The Governor of the Bank of Greece Yannis Stournaras, in his opening remarks, noted that: “ The Bank of Greece, continuing its work on climate and sustainability, announces today the preliminary results of the new studies of the Climate Change Impacts Study Committee (CCISC) on the developments in climate change, vulnerability and impacts. In 2011, the CCISC published estimates introducing a new approach to climate change in Greece. During these past years, humanity faced multiple challenges that affected geopolitical, financial and social stability, with climate change emerging as the most important challenge of our time. I hope the announcement of the preliminary results will contribute to the discussion on adaptation and, above all, strengthen climate action in Greece” .
The General Secretary of Natural Environment and Water, Ministry of Environment and Energy Petros Varelidis noted that: “ Climate change is here and we have already had a taste of its consequences. Greece needs to increase the resilience of its critical infrastructures, and do even more, so as to mitigate the impacts of extreme weather events. To this end, we will soon be modifying the specifications of a number of construction projects and buildings and integrate vulnerability into climate change and measures required to increase the resilience of the projects into the requirements of the Environmental Impact Assessment”.
Participants also included:
- Christos Zerefos, Secretary General of the Academy of Athens, Climate Envoy for Greece,
- Andreas Karamanos, Full Member of the Academy of Athens, Professor Emeritus, Agricultural University of Athens,
- George Giannopoulos, Professor Emeritus, Aristotle University of Thessaloniki, Corresponding Member of the Academy of Athens,
- Anastasios Xepapadeas, Professor, University of Bologna, Professor Emeritus, Athens University of Economics and Business,
- Theodora Antonakaki, Director, Climate Change and Sustainability Centre, Bank of Greece.
