The State proposes to create a European system for response to climate emergencies
The Spanish government proposes to the EU to tax the profits of oil companies to finance measures against the climate crisis
BarcelonaThe Spanish government has proposed to the European Union to create a permanent response system for climate emergencies that strengthens rescEU, the reserve mechanism for emergencies and catastrophes. The measure is part of a proposal that suggests a "comprehensive approach to anticipate and assess climate risks," also taking into account planning, investments, and financial measures.
The Third Vice President and Minister for the Ecological Transition and the Demographic Challenge, Sara Aagesen, has sent the executive's proposal to the European Commissioner for Climate, Wopke Hoekstra, to strengthen the European response to climate risks. Spain also proposes taxing the profits of oil and gas companies to dedicate the proceeds to financing climate change adaptation measures following the drought and severe forest fires that are devastating the continent. Among others, this new tax would finance a new specific European fund for climate change adaptation.
In this sense, the ministry proposes that the EU incorporate "common financial instruments to strengthen climate resilience." Specifically, they advocate for creating a European public-private reinsurance system that helps cover losses derived from extreme weather phenomena or other consequences of the climate crisis, and they suggest addressing this through the issuance of climate risk bonds.
Assessing climate risks
The executive also considers that the EU must establish "the obligation that all public planning and decision-making processes systematically evaluate and integrate climate risks". In fact, the ministry's proposal adds that the "European resilience framework" it proposes needs "a solid and rigorous legislative component", which sets binding short, medium, and long-term objectives based on scientific evidence and prioritizes the most exposed sectors, such as water, health, infrastructure, forests, biodiversity, tourism, agriculture, and fishing.
Sources from the Ministry for the Ecological Transition and the Demographic Challenge have assessed that Europe "needs a common knowledge of climate risks based on science", and therefore they point out that it is "essential to promote five-year assessments of climate risks at the European, national, and regional levels".
