Spain urges EU to create climate adaptation fund, set binding targets

In a letter to EU Climate Commissioner Wopke Hoekstra, made available to Reuters on Friday, Environment Minister Sara Aagesen said Spain believed reactive policies were no longer sufficient to protect security, prosperity and competitiveness.

It called for a European Climate Adaptation Fund and suggested raising revenue through levies including a charge on oil and gas profits. Common EU debt instruments should also be considered, it said.

The proposal, first reported by the Financial Times on Friday, called for climate risk assessments every five years at European, national and regional levels, for integration into public planning, infrastructure, land use and investment decisions.

It suggested introducing binding short-, medium- and long-term adaptation targets, initially covering sectors including water, health, infrastructure, forests, tourism, agriculture and fisheries.