Climate Politics
Europe’s Defense Budget Rips Through Its Climate-Crisis Buffer
The redirection of billions of euros earmarked to fight the fallout of floods, droughts and cyclones in poorer countries has global implications.
A dry rice field in Subang, West Java, Indonesia.
Photographer: Dimas Ardian/BloombergThis article is for subscribers only.
Europe’s race to build a war economy has led the bloc to pull spending desperately needed for another crisis: the climate.
The redirection of billions of euros away from development finance meant to fight the fallout of floods, droughts and cyclones in poorer countries has the potential to fuel European inflation, drive up immigration and weaken the bloc’s standing abroad.