ECB warns extreme water scarcity puts eurozone output at risk - Hürriyet Daily News

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The European Central Bank ( ECB ) warned on Nov. 9 that an extreme water scarcity event could put up to 24 of euro area economic output at risk of loss. ECB research showed that 72 percent of companies in the eurozone are highly dependent on ecosystem services, while nearly 75 percent of bank corporate lending goes to firms exposed to at least one ecosystem service. The central bank estimated that meeting EU objectives will require additional green investment of around 3 percent of bloc gross domestic product annually until 2030. Estimates indicate that the public sector will cover 20 percent to 25 percent of total green investment needs, leaving the vast majority to be financed by private capital.