Climate change putting Ireland's economic stability at risk, Central Bank warns

The flooding in Midleton after Storm Babet in October 2023. The joint report said many adaptation projects, particularly at local levels, are seen as too small or too uncertain to secure funding. File photo: Guileen Coast Guard unit.

Climate change is putting Ireland’s financial system and its long-term economic stability at risk, and investment to cope with extreme weather events is urgent and essential, the Central Bank has said.

In a joint report with the Climate Change Advisory Council, it warned that the current level of finance for climate adaptation here is not enough to cope with the escalating risks of climate change.