Thursday, July 25 2024

Greece and Cyprus EU laggards in climate measure investment

Greece and Cyprus EU laggards in climate measure investment

Companies in Western and Northern Europe are leading the way in investment in climate measures and are steadily gaining momentum, according to the latest EIB Investment Survey (EIBIS).

At the other end of the spectrum is Greece, where only 27% of companies are planning to invest in such measures, while 17% have already done so. Cyprus and Ireland show even lower percentages in terms of the share of companies investing, but higher percentages (around 40%) in terms of those reporting that they plan to invest in the future.

Greece and Cyprus are also among the EU countries with the lowest share of companies investing in energy efficiency: Both figures hover around 25%.

The research identifies several factors that could shift companies’ focus away from climate investing. Greek and Cypriot businesses are more likely (over 80%) to see energy costs as a barrier to investment, while in both countries a high proportion of companies report that the availability of finance is a barrier to their operations.

Over 90% of Greek and Cypriot businesses state that uncertainty about the future is an obstacle. Almost 60% of EU businesses say their business is affected by the natural risks of climate change.

Companies in Southern Europe report that they are more vulnerable to natural hazards compared to other regions, with 58.5% of businesses in Greece declaring that they fall into this category. In Cyprus this percentage reaches 60.1%.