Climate change is not just an environmental issue but a significant economic challenge, with Greece facing potential losses of up to 327,000 full-time jobs. A recent study by the Foundation for Economic and Industrial Research (IOBE) highlights the severe impacts of climate change on Greece's economy, including a possible 10% decrease in disposable income and a reduction in GDP by up to 16 billion euros annually.
The Economic Toll of Climate Change
The study, titled “Assessment of the Effects of Climate Change in Six Selected Sectors of High Importance for the Greek Economy,” examines sectors such as the primary sector, industry, and tourism. In the worst-case scenario, where no measures are taken to mitigate climate change, the consequences could be devastating.
Opportunities Amidst Challenges
Despite the grim outlook, IOBE identifies potential opportunities, particularly in tourism and entrepreneurship. Nikos Vettas, IOBE Director-General, emphasizes the need for immediate action to capitalize on these opportunities, especially in diversifying Greece's tourism offerings beyond the summer season.
The Green Innovation Gap
Greece ranks fifth lowest in the EU-27 for eco-innovation, struggling to commercialize green solutions. Bureaucracy and lack of financing are major hurdles, as noted by Elias Demian of IOBE's Environmental Economics Unit.
The message is clear: addressing climate change is not only about saving the planet but also about safeguarding our economies and livelihoods.
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