European Union actively explores new funding sources for climate change adaptation measures. Vice President Ribera insists urgent financing tools are necessary to address climate impacts.
Traditional EU and national budgets alone will not sufficiently cover upcoming climate costs.
Suggestions include expanding fiscal space, joint borrowing, and greater use of green bonds. Ribera also mentions taxing oil companies to establish a climate resilience fund.
Recent summer weather events emphasize urgent need for investment and better emergency response. EU plans to announce new climate preparedness initiatives for member countries very soon.