The European Investment Bank (EIB) published, on Wednesday 12 April, its Climate Investment Survey 2022-2023 (EIBIS Climate). These findings show a significant increase in companies engaging in climate action, including energy efficiency, over the past year.
The companies identified as being the most energy-intensive are investing more: they account for 48% of investments and 57% of them are planning to invest. The reason for this increase is a desire to find tools to mitigate the consequences of rising energy prices and their volatility, by placing energy saving technologies high on the agenda.
However, while the share of European companies investing in climate measures has increased by 10 percentage points to an average of 53% by 2021, and this post-pandemic trend is likely to continue, the instability caused by the war in Ukraine is exacerbating concerns.
EIBIS Climate shows that this is holding back investment in energy efficiency by 4 percentage points. And this impact is even more important when considering climate investments.
However, EU companies are becoming aware of the climate emergency and some are being forced to set carbon emission targets. In addition, some 57% of them suffered economic losses and supply disruptions due to extreme weather conditions.
But a large majority of companies focus more on mitigation measures. Eighty-eight percent have implemented at least one, while only 33% have invested in adaptation measures. Waste management, recycling and energy efficiency are among the favourites.
According to the EIB’s conclusions, “Europe must redouble its efforts to reach its net zero emissions target by 2050”.
It recommends coordinated policies, reduction of barriers to investment, pooling of resources and strengthening the cohesion of the single market.
To read the survey: https://aeur.eu/f/6bg (Original version in French by Nithya Paquiry)