Latest news and stories about climate change in finance in Portugal for expats and residents.
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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.
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 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.
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.
