The report of Bank of Greece on climate change is a response to the improbable and ridiculous scenarios circulating recently, said the Bank’s Governor Giorgos Provopoulos.
All calculations on cost-benefit analysis in the report were made in euro, referring to the next 90 years, Giorgos Provopoulos commented at the sidelines of a presentation of the Bank of Greece.
The report represents a first attempt at a comprehensive study of the impact of climate change for Greece – in particular of the cost of climate change that would be borne by the Greek economy, the cost of implementing adaptation measures, as well the cost of moving to a low-emissions economy, in the context of the global effort to mitigate climate change.
The results highlight the need of securing Greece against the risks of climate change. The cost of dealing with change is much smaller than the cost that would occur if the change evolves, the governor said.
It is a kind of hedging towards the future risks of climate change, Provopoulos noted, adding that these policies can be a part of the strategy to contribute to a faster exit from the crisis.
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