Brussels:The European Commission has unveiled a framework aimed at bolstering the EU's capacity to anticipate, prepare for, and manage climate risks, in response to increasing economic losses and the growing impact of extreme weather events.

According to Anadolu Agency – English, the Commission reported that estimated economic losses due to climate damage between 2022 and 2025 are projected to total approximately £200 billion ($232 billion), equating to around £50 billion ($58 billion) annually.

The framework emphasizes the integration of climate resilience into major domestic and international policies, supporting local and regional authorities through pilot projects and advisory services. It also highlights the need for investment in Europe's infrastructure and economy to adapt to future climate conditions, which is expected to require around £70 billion ($81 billion) annually. Such investments could potentially lead to returns exceeding ten times the initial amounts through avoided losses and damage.

The Commission's proposal includes a Climate Resilience Law to establish a common reference trajectory for global warming, simplifying national planning requirements with a single strategic plan for each member state. Scientific projections cited in the proposal indicate that global temperatures could rise to 1.5°C (2.7°F) above pre-industrial levels by 2030, 2°C (3.6°F) by 2050, and 3°C (5.4°F) by 2100.

Additionally, new digital tools are envisaged to assist public authorities, businesses, and communities in assessing climate risks. These tools include an interactive European Climate Viewer for projected climate hazards and a platform for identifying adaptation tools and solutions. The Commission plans to start implementing the framework immediately and is also working on initiatives such as a European Heatwave Plan, a Climate Insurance Alliance, and a European Water initiative, alongside measures to strengthen disaster preparedness.

The European Commission aims to propose an EU strategic plan on climate resilience by 2028, recognizing the significant opportunities in the global market for climate adaptation solutions, projected to reach £3.5 trillion ($4.1 trillion) by 2050.