Greening the Economy of Europe and Central Asia (English)

The impacts of climate change are profoundly affecting the Europe and Central Asia (ECA) region. During the summer of 2023-the warmest summer in history-ECA experienced a particularly intense heat wave, with all-time high temperatures, significant wildfires, and devastating flooding in some parts of the region. Beyond these short-term consequences, the long-term impacts of climate change are projected to be substantial, with climate change impacts dampening future growth. Countries in the region urgently need to address the drivers and consequences of climate change. This note describes current trends in carbon emissions in ECA, the implications of the recent energy shock for the region's economies, and policies to promote a transition to a greener economy in the region and adapt to the impacts of climate change.