Romanian companies perceive climate change and access to finance as threats to their business, according to a European Investment Bank survey presented Thursday at a conference at the National Bank of Romania.

• 69% of surveyed Romanian companies claim that climate change has a negative impact.

• The use of advanced technologies in business by Romanian companies has grown significantly, exceeding the EU average.

• The cost of energy is becoming a key concern for companies, along with uncertainty and a lack of skilled personnel.

The European Investment Bank (EIB) today released the results of its annual investment review in Romania during an event co-organized with the National Bank of Romania.

The EIB survey covered more than 12,000 companies in the European Union and 800 companies in the United States.

Climate change and the energy crisis

The survey shows that almost 69% of Romanian companies report that meteorological events have negatively affected their operations. Almost half of Romanian companies (49%) have already developed or invested in measures to increase resilience to the physical risks caused by climate change. This figure is significantly higher than the EU average (33%) and is consistent with higher expected losses due to extreme weather events.

The energy crisis has heightened concerns about rising energy prices, with 90% of companies citing energy costs as a challenge for long-term investment. About 35% of Romanian companies invested in improving energy efficiency last year, which is close to the EU average (40%).

Romanian firms are more likely to suffer from high electricity costs and tighter financing conditions

However, in the face of new shocks, vulnerability persists. Romanian firms are more likely to suffer from high electricity costs and tighter financing conditions. In general, firms have a negative view of the future, especially regarding the economic climate. Access to finance is a concern. The proportion of Romanian companies that said they face financial constraints (15.2%) exceeds the EU average (6.2%) and is the highest percentage recorded for Romania in a series of EIB surveys.

“The current economic situation in Romania makes public and private investment in renewable energy extremely profitable. Political support in Europe should ensure that the implementation of such investments does not take too long to maintain competitiveness on the global market,” said the director of the EIB’s economic department, Ms. Deborah Revoltella. “Using all funding available to Romania, including EU funds from the Recovery and Resilience Mechanism, Invest EU and operational programs for 2021-2027, is essential. Combining existing EU grant resources with loans, equity, own resources or other forms of financial instruments will be critical to fostering Romania’s greener economy and its ability to rely on secure and predictable energy resources. There is also a great need for companies and public authorities to address the lack of skilled personnel and funding necessary for the green transition,” added Ms. Deborah Revoltella.

Availability of qualified personnel

Four out of five Romanian companies surveyed by EIBIS cited the availability of qualified personnel as an obstacle to investment. Lack of qualified personnel was a problem, in particular, for industrial production enterprises (87%) and infrastructure (81%) enterprises.

N. Red: The European Investment Bank (EIB) is a long-term credit institution of the European Union and belongs to its member states. It finances sound investments that contribute to the achievement of EU policy objectives.

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