The Βank of Greece (BoG) on Friday announced preliminary results of an updated report entitled “The Economic, Social and Environmental Impacts of Climate Change in Greece”, its contribution to the development of a Greek National Adaptation Strategy, an initiative that began in 2015.

During an event to present the updated report, new climate models extending until 2100 were unveiled, along with the calculated impact that climate change will have on specific and crucial sectors, such as agriculture and transportation. The BoG also presented an inaugural vulnerability assessment of the phenomenon of climate change in the east Mediterranean country.

A final text of the report is due out next year, with details on forecast climate changes in the coming decades and the impact – and costs – on economic activity.

The BoG is a partner in the project “LIFE-IP AdaptInGR – Boosting the implementation of adaptation policy across Greece”, coordinated by the ministry of environment and energy and implemented with the participation of 18 strategic stakeholders in the public sector, local government, academia and NGOs.

The project is co-funded by the EU’s LIFE Programme “Green Fund.”

In his opening statement, BoG Gov. Yannis Stournaras stressed that “…During these past years, humanity faced multiple challenges that affected geopolitical, financial and social stability, with climate change emerging as the most important challenge of our time. I hope the announcement of the preliminary results will contribute to the discussion on adaptation and, above all, strengthen climate action in Greece”.