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Honourable Members, these are European economic fundamentals.

Our future prosperity and security will greatly depend on how we manage the tipping points of our times climate change and artificial intelligence.

On climate change, this summer was the summer of truth.

Almost no part of our continent was spared.

In Belgium's high fence, a peatland formed over centuries, burned into a wasteland of ash.

Flames roared from the mountains of Ireland to the islands of Greece and Croatia.

In the Alps, ancient glaciers retreat further every day.

The impact of all this is simply devastating. 660,000 hectares burned to ground. Some 12 million tons of crops lost.

Key rivers like the Danube, Da Rheine or La Garon are disappearing before our eyes.

More than 35,000 additional deaths during the heat waves.

Care homes and hospitals are dangerously overheated, and Olof this is a mere preview. These were the hottest summer months ever.

But probably the coolest of the years to come. Science is clear.

Europe is warming at double the global rate.

Of course, the transition is complex, and we will need to adjust and learn along the way,

but there is no doubt Europe can,

must and will stay the course on our climate targets.

Honourable Member, this is not about mitigation or adaptation, we need both. They need to strengthen each other.

This is the only way to reach climate resilience.

We need to step up dramatically on preparedness.

We will present a new framework for climate resilience next month.

It will identify 100 of the most vulnerable territories in Europe.

We will assess the risks and at which level they should be managed.

It will give us a whole of society approach,

all the way through to the local level, where adaptation matters most.

It will aim to make Europe the champion in adaptation technologies in a huge emerging market,

whether drought resistant crops. Flood prevention or energy efficient cooling. Europe is already a leader. We must capture this market.

Today Only 25% of catastrophic losses in Europe are covered by private insurance.

This means that far too often national budgets become the insurer of last resort.

We need to take action to close this gap.

This is why the Commission will set up a climate insurance alliance.

Honourable Members, there can be no repeat of this summer.

This is also why we will soon present a European heatwave plan.

We need better early warning systems and better health preparedness. We need urban adaptation and cooling. We need to support the most vulnerable.

The second point is on water and food security.

We know the risks of water scarcity for our farmers,

SMEs, energy and supply chains, yet. European pipes lose almost 1 L.

In every 4 L, mostly through leakage, what a waste.

We will put forward a new European water initiative because water is precious. For our industry. And for our food security.

Crops need water to grow, livestock to survive, entire harvests depend on it,

and this is why we will make proposals to improve risk management and address the insurance gap.

Once again, Europe's farmers have risen to the challenge of this never ending summer, and honorable Members,

Europe's farmers are the best in the world and we will support them every step of the way. The next point is about wildfires.

They are getting more intense, more frequent and more spread out.

I must say I am so proud of Europe's response to our European assets flying across the continent.

But clearly we need to think bigger and learn faster.

This is why we have asked some of Europe's most senior firefighters and emergency responders to lead the work.

They will look at all aspects of preparedness and prevention.

From civil military coordination to needs for new capabilities,

and I have asked them to make proposals, including a future European firefighting fleet.

Our emergency crews have saved countless lives and homes this year alone.

There is a story I would like to tell.

It is the story of a Danish pilot. Rune Lindberg.

His passion for flying brought him all around the world.

He settled down in a small Canadian city called Terrace.

He became one of the country's most experienced civilian pilots. But Rone wanted to put his talent. At the service of a bigger mission.

He came back to Europe to help tame wildfires across our continent.

In July, he carried out many successful missions across Greece,

and he was then supposed to get a well deserved break. But the emergency was at its peak. So Rone decided to stay.

A few days later, he was involved in a tragic accident with his fire liaison officer. Rona and the officer were killed. They died as heroes. I have asked Rona's mother.

And his brothers to join us today as special guests. Dear market, dear tour, dear car. We're honored to have you.

Rooney gave his life to save others,

and today Olof Europe owes him. Hm.