More Europeans are investing than American companies in measures to combat climate change. They are investing money in it, while the effects of climate change are not yet clear to them.

This was stated by the European Investment Bank (EIB). At the same time, the uncertainties surrounding the rules and taxes are a major obstacle for companies to invest.

Of all European companies, 45 percent invested in one way or another to control the effects of climate change, for example by reducing or offset CO2 emissions. In the United States, it accounts for less than a third of all companies. Northern and Western European companies are at the forefront. For example, 58 percent of Dutch companies have already invested due to the weather. Only in Finland that percentage is even higher. It is only 19 per cent in Ireland and 18 per cent in Greece.

At the same time, the Netherlands receives lower scores than the European average when it comes to energy audits: according to the EIB, fifty percent of Dutch companies have conducted such audits, compared to the average 55 percent in Europe.

Two types of risks

The EIB states that companies face two types of risks due to climate change: direct risks and change risks. Those direct risks are the perceived effects of climate change by companies such as the increased risk of floods and wildfires. Change risks are associated with countries that want to combat climate change. This includes pricing of CO2 emissions, but also re-training of employees.

Nearly half of European companies have already invested in the most efficient use of energy, which is significantly higher than the previous measurement of 37 percent in 2019. American companies are a little ahead of the curve here. Half are already focusing on energy consumption. EIB hopes to make even greater progress in this area. Many companies can use energy more efficiently.

EIB: European Companies and Climate Change 2020/2021

Bron: ANP / EIB