While the 29th World Climate Conference is taking place in Baku, the capital of Azerbaijan, experts gathered on Monday at the 22nd Styrian Climate and Energy Forum to analyse the costs of climate change.

Hot days, droughts, floods, and changes to flora and fauna – the costs of climate change are the focus of the Climate and Energy Forum at the University of Graz. Economist Birgit Bednar-Friedl from the Wegener Center is convinced that early climate change adaptation will ultimately be cheaper for us. "Every euro we invest in preparing for climate change has an extremely high return and should already be scaled up significantly right now."

Losses in value creation and reduced tax revenues

It's already clear that for every euro invested, between three and ten euros could be saved in the future. Climate change adaptations are one thing, but there are also costs that arise because climate-damaging behaviour continues. "Such as losses in value creation resulting from our continued heavy reliance on imported fossil energy, and all expenditure related to environmentally and climate-harmful subsidies."

Climate change leads to reduced economic activity: "This also shows up in the fact that we then have lower tax revenues." Climate change doesn't only affect Austria – yet the economist's appeal remains: given the costs involved, Austria, even as a small economy, would be well advised to participate in international climate finance.

Read more at: steiermark.orf.at