European countries need to rapidly step up efforts on climate financing to meet low carbon targets.
That’s according to the European Environment Agency (EEA), which suggests the nations must define their investment needs and plans to match their objectives towards a low carbon and climate-resilient economy.
It also stresses the need for “clear information” on investment and priorities to attract private finance.
The EEA found only Belgium, the Czech Republic, Estonia, France and to some extent Germany, appear to have a national approach or strategy in place to track spending related to climate mitigation and adaptation.
Its study identifies a lack of country-level preparedness and information regarding estimated total investment needs as well as their current and planned expenditure volumes for climate and energy purposes.
The EU has estimated there will be a need to invest around an additional €177 billion (£155bn) per year from 2021-2030 to meet climate and energy targets.
The EEA adds: “To close this gap, substantial funding – a doubling of current investments in renewable energy and energy efficiency – will be needed. This will require mobilising both public and private funds.
“These investments will also provide significant additional benefits, in terms of new jobs, reduced energy poverty, increased energy security and improved air quality.”