Climate change and the economy

CCISC studies have shown that climate change needs to be a key and horizontal consideration in policy-making, as it affects almost all sectors of the Greek economy.

According to the report The Environmental, Economic and Social Impacts of Climate Change in Greece (CCISC, 2011), the cost of climate change for the Greek economy under an “inaction scenario”, i.e. in the absence of a global response, is estimated to be very high and likely to exceed EUR 700 billion by 2100, expressed as a drop in GDP relative to the base year.

In addition to the mitigation actions taken within the framework of European policies, studies show that adaptation actions can also bring about substantial benefits, by shielding the economy and reducing damage. According to estimates, investment in adaptation action in Greece would reduce the cost of climate change by almost 30%.

Climate change mitigation policies are, for example, carbon tax and emissions trading systems, which are designed to correct the negative effects of climate change and help transition to a low-emission economy.

With specific regard to the Greek territory and based on a climate change risk ranking, agriculture is the sector expected to be affected the most, while the impacts on tourism and coastal systems will significantly affect household income and the economy as a whole. The water sector is also of particular relevance, given its importance for agriculture and water supply.

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