In a document that sets out its vision for the integrated European framework for adapting and building resilience in the face of climate change that the European Commission will present in the fourth quarter of 2026, Spain has suggested creating a ‘European Climate Adaptation Fund’ that would be financed by a European tax on gas and oil companies.
“Europe is warming faster than any other continent—at a rate that is approximately twice the global average. In 2024 and 2025, global temperatures temporarily exceeded 1.5°C compared with pre-industrial levels,” Sara Aagesen Muñoz, Spain’s minister responsible for climate, indicates in a letter that was sent to the European Commission on Wednesday, 2 September, and seen by Agence Europe.
Observing that this summer’s heatwave could reduce the EU’s GDP around 1% in 2026, Spain argues that climate-related impacts now constitute a growing cross-cutting challenge for Europeans’ security, competitiveness, and prosperity. It has proposed an integrated European framework for climate adaptation and resilience based on three focal points:
(1) anticipation and preparedness
Five-year climate risk assessments should be introduced at the European, national, and regional levels.
The European framework should include rigorous and binding science-based short- and medium-term targets that would initially focus on strategic sectors like water, agriculture, biodiversity, and tourism. It should also be based on the principles of ‘resilience by design’ and ‘climate proofing’ so that climate risks are systematically taken into account when policies and new instruments are being developed at the EU level.
Moreover, ‘do no significant harm’ (DNSH), an environmental principle that has been incorporated into European legislation, would be expanded so as to include a component related to climate resilience (DNSH+R).
(2) joint response capacity
Spain envisages creating a permanent European system for responding to climate crises, by means of a strengthened Union Civil Protection Mechanism, that has a European aerial fleet at its disposal. This system would be enhanced by information-sharing mechanisms and personnel training as well as the development of joint action protocols.
(3) adequate budgetary resources
According to Madrid, the future European framework will need to have sufficient budgetary resources. Creating a European Climate Adaptation Fund that would be financed by a European tax levied on profits in the oil and gas sector has thus been envisaged. Spanish authorities suggest other options to be analysed include European debt instruments.
A European public-private reinsurance system would also help cover losses resulting from extreme weather events. This could be done by issuing ‘climate risk bonds’.
Lastly, Spanish authorities are of the opinion that public investments in adapting and building resilience in the face of climate change should enjoy the same flexibility under European fiscal rules as investments in the defence sector. In addition, they recommend taking resilience criteria into account when drafting the post-2027 EU budget.
This position sharply contrasts with that held by Italy, which is opposed to taking the ‘DNSH’ principle into account in the post-2027 EU budget (see EUROPE 13909/2). (Original version in French by Mathieu Bion)