Latest news and stories about climate change in finance in Portugal for expats and residents.
Portugal and Spain are forging an alliance to address climate change and enhance economic cooperation. At a recent summit, they focused on eliminating barriers for cross-border businesses while prioritizing sustainability initiatives.
The article discusses the urgent need for regionalisation in Portugal, highlighting how recent severe weather events have exposed the country's vulnerabilities due to an excessively centralised governance model. It argues that the lack of administrative regions creates a governance void that hampers effective civil protection, resource management, and policy integration. The author advocates for an elected regional level to enhance accountability and transparency, emphasizing that decentralisation must be paired with robust information systems to ensure effective governance. The piece concludes that regionalisation is essential for adapting to climate change and improving democratic engagement.
Andrew Steer highlights Portugal's significant role and leadership in ocean-related matters.
El Niño is a natural climate phenomenon that occurs regularly (on average every three to seven years) due to the anomalous warming of a large area of the tropical Pacific.
The forum discussed how insurance covers financial risks while urban and territorial planning serves as a preventive measure.
The insurance company Fidelidade and the Brazilian National Confederation of General Insurance (CNseg) held a bilateral forum to address the intersection of the insurance sector and climate change.
Brazil and Portugal have taken another step toward integration, this time in the area of climate change adaptation, with a focus on insurance. The two countries have joined forces to discuss how to “create the capacity to leave future generations a more resilient society,” in the words of Rogério Campos Henriques, CEO of Fidelidade. The insurer is hosting the first Brazil-Portugal Insurance Forum in partnership with the National Confederation of Insurers (CNSeg) of Brazil. The event highlights the need to address increasingly frequent and severe weather phenomena and their economic impact. Participants, including Roberto Santos of CNSeg, emphasized the importance of cooperation in risk modeling, data intelligence, and developing insurance products to mitigate the effects of extreme weather events like the floods in Rio Grande do Sul and the storm Kristin.
The storms of recent years in Portugal and Brazil have reinforced that climate change is here to stay. In this context, insurers are meeting in Lisbon for the 1st Brazil-Portugal Insurance Forum to discuss new ways to respond to climate challenges. Rui Esteves, technical director at Fidelidade, highlights that the two countries face similar issues, from the growing impact of climate change to the need to make insurance more relevant to the public. The event will feature three panels: Climate Adaptation and Resilience; Data and Climate Intelligence; and Protecting Agricultural Business in the Context of Climate Change, with the participation of industry leaders such as Roberto Santos, Rogério Campos Henriques, and Ambassador Raimundo Carreiro.
In late January of this year, shortly before Storm Kristin entered Portugal, the Impact Center for Climate Change (ICCC) – created in 2024 by Fidelidade – needed to contribute to the response to the catastrophe in the central region. From a study and research centre created by the insurer to deepen knowledge about climate change...
An analysis of the economic impact of extreme weather events on both the Portuguese and global economies.
Paulo Fonseca, legal advisor to DECO and expert at the European Economic and Social Committee, argues that the sector must adapt to climate instability.
From direct payments to tax benefits or price support, environmentally harmful subsidies have the side effect of encouraging excessive resource consumption or pollution.
For the anthropologist, the climate crisis exposes the limits of capitalism. Without democratising production and limiting the power of economic elites, there will be no effective response to global warming, he says.
The cost of Portugal's public debt (the interest rate in secondary markets) has remained stable and even slightly decreased since the onset of storms that have hit the country since January 28, despite significant economic and social destruction, particularly in the Central region. However, such events, along with wildfires, are expected to increase the long-term costs associated with debt, especially in more indebted countries like Portugal, complicating public finance management and necessary budget consolidation, warns a study from the European Central Bank (ECB) authored by five economists. The study highlights that climate-related disasters can raise debt costs and that climate change poses risks to public finances through various channels, including increased public spending for adaptation and mitigation measures. The authors also note that the cost of emergency assistance and post-disaster reconstruction can have a direct budgetary impact, while indirect effects may include reduced tax revenue due to production disruptions and additional spending on food and energy support programs due to changes in raw material prices. The study concludes that these mechanisms can interact with sovereign debt dynamics in complex ways, and even advanced economies are not immune to the effects of climate shocks. The report was published on the eve of the Portuguese government's approval of the general lines of the “PTRR - Portugal Transformation, Recovery and Resilience” plan in the Council of Ministers.
