Sitemap

Zoran Marinković, CEO, ZWEBB Fintech

Fintech Brings Prosperity

Much has changed in terms of Fintech’s positioning in Serbia and the region, but still not enough, says ZWEBB Fintech CEO Zoran Marinković We spoke...

Ivan Đolić, BE-terna Managing Director

BE-terna Provides the Tools for Success

In an era in which digital transformation, AI and analytics are shaping the future of business, BE-terna remains committed to developing solutions that deliver...

Rajka Šinik Vulić, Director of RBS Belgrade

Shaping the Future of Business Education

RBS Belgrade has established itself as a key player in the development of business education around the region, offering high-quality programmes that are recognised...

Erich Cossutta, President of the Danubia Group

Leading Sustainability and Digitalisation in Transport

Companies Dragon Maritime, Log Max and Kombi Pro have now been operating for a full year under the umbrella of the Danubia Group, which...

Milen Janjić, CEO, Intellya

IT Maturity on the Rise

Our eight years of work has resulted in a suite of platforms: AI CORE, the foundation of our development; Weaver, a conversational platform; and...

Danijela Božanić, climatologist/climate change expert

Why We’re Vulnerable

Serbia is more exposed to climate change than other countries and lacks sufficient capacity to adapt to altered climatic conditions, which is why it sustains damage and losses that are much worse than those experienced by countries that carefully approach this problem

A ccording to the 2023 Report of the Intergovernmental Panel on Climate Change, average global temperatures in the 2011-2020 period were up 1.1°C compared to the period from 1850 to 1900. This rise corresponds to an average temperature increase of 0.90°C in Europe compared to the levels from 1961 to 1990.

Meteorological measurements for Serbia show that, compared to the 1961-1990 period, this temperature increased by more than 1.4°C in the 2001-2020 period (1.8°C from 2011 to 2020). In other words, the territory of Serbia is warming faster than the global and European average, which can lead us to conclude that the country is more exposed to climate change.

Alongside exposure, vulnerability also depends on sensitivity (the level of losses and damage) and the capacity to transform to handle altered climatic conditions (adaptation). Extreme weather events caused by climate change during the 1980-2021 period led to losses of 560 billion euros in EU member states. Minimal damage and losses sustained in Serbia in the period from 2000 to 2020 totalled a value of approximately seven billion euros. A simple calculation leads to the conclusion that losses and damage in Serbia are much greater than those sustained in the EU and that they are growing over time.

Such a ratio between losses and damage in Serbia and the EU provides an indirect indication of Serbia’s lack of capacity for adaptation. This is also confirmed by some global analyses and indices that position Serbia as the hardest hit country in Europe, ahead of Bosnia-Herzegovina and Albania when taking into account systemic readiness, or the economic, social and political readiness to adapt in a timely manner.

Every dollar invested in adapting to altered climatic conditions brings a total economic benefit of between two and 10 dollars

Serbia, thus, is not in an enviable position in both cases. More specifically, it is among the worst hit countries with the least systematic readiness to adapt in Europe. Setting aside assessments of capacity and political readiness – though I believe they are interdependent and also determine the level of investment and financing – the fact is that Serbia does not have the required funds designated for adaptation. It isn’t even known that detailed sector-specific assessments of the needs exist, despite it having been shown that every dollar invested in adapting to altered climatic conditions brings a total economic benefit of between two and 10 dollars.

An effective and systematic approach to adaptation could be ensured by the adopting and implementing of the National Adaptation Plan of the Republic of Serbia, as well as the determining of specific measures and actions at the level of subnational regions and local governments. It is essential to integrate expected future changes to the climate into sectoral and local policies and measures, which currently isn’t the case. Securing the full implementation of the Law on Climate Change, in the section related to monitoring and reporting on adaptation, would also ensure the strengthening of capacities and the raising of public awareness. It is essential to work systemically with the population on improving their understanding – both of the need to respond to changes that we are all aware of, and of the multiple benefits brought by those responses.

Early announcements and advanced warnings represent a significant “measure” when it comes to reducing the risks caused by extreme weather events. Viewed globally, there are various methods of providing early announcements and advanced warnings that are based on detailed analyses that’s distinctive to specific countries.

By Slobodan G. Markovich, Faculty of Political Science, Belgrade

Winter of Zoomer Discontent

It was back in 2019 that American actor Harrison Ford gave his famous climate change speech at the UN, in which he praised young...

Aleksandra Koneski, architect

Depoliticisation & Professionalisation

The key factor in respecting construction standards and procedures is the removal of political influence over the profession and the protection of engineers who...

Vladimir Obradović, Faculty of Organizational Sciences

Benefitting Investors and Sabotaging Safety

A lack of adequate regulation and public control provides fertile ground for corruption, which inevitably results in higher costs and lower quality, to the...

Zoran Đajić, geological engineer

United in Corruption

The way the works contractor for the reconstruction of the building of the railway station in Novi Sad was selected is a classic example...

Carlsberg Rejoins UEFA’s Global Stage

Carlsberg's return to the European football scene marks a new chapter in its decades-long commitment to the sport, as...

EU Summit Discusses Western Balkans Integration

The European Council summit held in Brussels on March 20, 2025, placed a strong emphasis on the integration of...

Business Forum Strengthens Economic Ties Between Serbia and China

On March 20th, the Serbian Chamber of Commerce hosted a significant Business Forum and a series of bilateral meetings...

Norwegian Fund Acquires 25% of Covent Garden

In a strategic show of confidence in London's commercial heart, Norway’s sovereign wealth fund secures a quarter stake in...

ECB Cuts Interest Rates Amid Trade Uncertainty

In a move aimed at supporting Europe’s economy, the European Central Bank (ECB) has announced a series of interest...

Carlsberg Rejoins UEFA’s Global Stage

Carlsberg's return to the European football scene marks a new chapter in its decades-long commitment to the sport, as...

EU Summit Discusses Western Balkans Integration

The European Council summit held in Brussels on March 20, 2025, placed a strong emphasis on the integration of...

ECB Cuts Interest Rates Amid Trade Uncertainty

In a move aimed at supporting Europe’s economy, the European Central Bank (ECB) has announced a series of interest...

EU’s ETIAS Travel System Delayed Again

The EU's long-awaited ETIAS system, set to impose new travel rules for Schengen zone entry, faces yet another delay....

France Dominates Europe’s Startup Ecosystem in 2024

France's strategic policies and inclusive ecosystem continue to set the gold standard for European startups, securing its top spot...

Carlsberg Rejoins UEFA’s Global Stage

Carlsberg's return to the European football scene marks a new chapter in its decades-long commitment to the sport, as...

EU Summit Discusses Western Balkans Integration

The European Council summit held in Brussels on March 20, 2025, placed a strong emphasis on the integration of...

ECB Cuts Interest Rates Amid Trade Uncertainty

In a move aimed at supporting Europe’s economy, the European Central Bank (ECB) has announced a series of interest...

EU’s ETIAS Travel System Delayed Again

The EU's long-awaited ETIAS system, set to impose new travel rules for Schengen zone entry, faces yet another delay....

France Dominates Europe’s Startup Ecosystem in 2024

France's strategic policies and inclusive ecosystem continue to set the gold standard for European startups, securing its top spot...
spot_img