Today, the Reflection Group on Mobilising Climate Resilience Financing presented its final report to Commissioner Hoekstra, stressing the need for collective action to strengthen the European Union’s resilience to climate-related risks. 

Commissioner Hoekstra welcomed the report’s recommendations, emphasising that investing in climate resilience is not only essential to avoid future damages but also a prerequisite for economic stability, business continuity, and long-term growth. 

Launched under the European Commission’s 2024 Communication on Managing Climate Risks, the Group brought together key industrial players and representatives of public and private financial institutions to address financing challenges in a context where the EU and its economy remain insufficiently protected against climate hazards.

The report highlights the growing economic impact of climate events: weather- and climate-related extremes in the EU caused estimated losses of €208 billion between 2021 and 2024, with annual costs rising sharply. The Group agreed that delaying action will increase the economic and societal burden of climate-related impacts, affecting governments, businesses, and citizens alike.

A central message of the report is the need for collective action across all sectors of economy, as well as engagement of public authorities, private actors, and communities. The public sector is urged to set resilience frameworks, provide forward-looking climate-risk information, and empower local authorities through project aggregation and access to blended finance. Private actors are encouraged to invest in resilient infrastructure and services. The Group agreed it is necessary to scale up the climate resilience investment. Given the investment needs, as well as, market creation and innovation potential, mobilising private sector finance for climate resilience is both a necessity and an opportunity.

The report also stresses the importance of reliable climate data, accessible risk information, insurance coverage for residual risks, and standardised resilience metrics. Suggested initiatives include a Climate Resilience Project Pipeline to help local authorities access financing, an EU-wide digital platform for blended finance, and a proposed EU observatory on insurability to enhance risk awareness.

The Group’s work will feed into the design of the European Integrated Framework for Climate Resilience, scheduled for adoption in late 2026, and aims to inspire systemic cooperation across sectors to protect communities, infrastructure, and economic activities throughout the EU.

Climate resilience remains in the spotlight with the launch on 1 December of the Commission’s open public consultation on climate resilience. Stakeholders and citizens are invited to participate and share their views to help shape EU policies and investments for a more resilient Europe.

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