Europeans think that the war in Ukraine will accelerate the energy transition

The European Investment Bank’s study also shows that people around the world support higher taxes for polluters and big energy users

Today, the European Investment Bank published its 2022-2023 Climate Survey exploring people’s attitudes towards green policy in a rapidly shifting energy environment. The survey compares attitudes in the European Union, the United States, Great Britain and China.

The key takeaways from the survey include the fact that Europeans believe that the war in Ukraine will accelerate the green transition, while also supporting measures to tax higher energy users and polluters.

Without reducing consumption, the world is headed toward a catastrophe

According to the data, a majority of people in all these regions believe that the Russian invasion of Ukraine will accelerate the green transition. In fact, this is true for 66% of Europeans, 62% of Britons, 60% of Chinese and 52% of Americans.

Another key point is that a majority of people believe that if we do not drastically reduce the consumption of energy and goods, the world would head towards a global catastrophe. Moreover, this is an even bigger point of consensus for respondents, as it represents 84% of EU citizens, 88% of Chinese, 83% of British citizens and 72% of Americans.

Higher taxes for big polluters are a popular measure

Interestingly, however, people seem relatively split on ways to incentivise these reductions. Respondents in the EU and the United Kingdom generally favoured the development of renewable energy (47% and 45% respectively), while their Chinese counterparts preferred diversifying the energy suppliers with 46%.

American respondents, on the other hand, support the two options relatively evenly, with diversifying energy supplies accounting for 39% and developing renewable energy with 37%. Energy savings, though, came in third place among all respondents, with US citizens favouring that option the most, with 24%.

Moreover, 64% of EU citizens want higher taxes on polluting activities like air travel and SUVs, while 63% believe that energy prices should be tied to household energy consumption. In China, however, 84% favour higher taxes for polluting activities 87% believe that energy should be tied to taxes.

EIB Vice-President Ambroise Fayolle was quoted in an official statement, explaining that for people around the world, the crisis was an opportunity to advance climate action. He pointed out that the European Investment Bank was in the middle of transitioning to the EU climate bank and will continue to offer financial support towards the green transition.