This Trinomics report has been prepared to underpin the European Environment Agency’s briefing on ‘Financing Europe’s low carbon, climate resilient future‘.
The study report Trinomics prepared for the EEA presents the findings of a first Europe-wide stocktaking exercise to assess the current status of climate finance tracking across the EEA’s 33 member countries.
The transition to a low-carbon and climate-resilient economy requires an unprecedented redirection of social and economic activities. Consequently, the investment questions – how much is needed to achieve the domestic energy and climate targets and how will this be financed – represent some of the main knowledge challenges that need to be tackled urgently.
The main objective of the study was to identify data and knowledge gaps involved in tracking domestic climate finance, i.e. finance for climate mitigation and adaptation activities within Europe. The assessment results indicate that few European countries have translated their national climate and energy objectives into corresponding investment needs and plans. Consequently there is a lack of country-level regarding estimated total investment needs, as well as their current and planned expenditure volumes for climate mitigation and adaptation activities. These data gaps concern both public and private sources of finance.
The report then proposes how to prioritise identified gaps and suggests next steps towards improved domestic climate finance tracking.