气候与可持续发展趋势

5thEdition, Published 11thFebruary 2026 Debbie JonesGlobal Head of Sustainability and Data Innovation, Researchdebbie.jones@db.com Punyadip CheemaAndrew DixonBrian BedellResearch AnalystResearch AssociateLead Sector Analyst, US Brokers,punyadip.cheema@db.comandrew.dixon@db.comAsset Managers and Exchangesbrian.bedell@db.comEric HeymannLuke Templeman Senior Economist, GermanyThematic Analysteric.Heymann@db.comluke.templeman@db.com DB’s Climate Change & Sustainability SurveyOur Q4’25 survey shows levels of alarm over global warming remain high, but with moderation from 2024 levels. dbDIGSustainability Survey Q4’25 Takeaways and Methodology While global warming “alarm” levels remain high, the level of alarm has moderated compared with 2024. —Geopolitical shifts influencing European sentiment, yet climate concern remains high.The perceptible decline in climate “alarm”shown in our survey may reflect geopolitical shifts influencing priorities as resources and public discourse have been increasingly —A Trump effect?Moderating "alarm" post-Trump's election: After remaining relatively stable between Q4 2023 and Q3 2024, thepercentage of respondents expressing "alarm" about global warming's pace noticeably shifted following Trump's election, a trendthatcontinued and accelerated through Q4 2025. This quarter saw a Q/Q fall across all countries, potentially influenced by more —Southern Europe is the most concerned.Italy, Spain and France continue to show higher levels of alarm (46-48% of respondentsbelieve global warming is “happening at an alarmingly fast rate”), with Germany and the UK being more aligned (36.2% and 40.0% —Respondents continue to express support for corporate action.Across all 6 countries, roughly two-thirds of respondents expressed abelief that corporates should be doing more to address global warming, with ~40% believing that firms should be doing “a lotmore”. Methodology —Our monthly survey, initiated in October 2023, tracks public opinion on key sustainability issues across six major Western countries:Germany, France, Spain and Italy (collectively "Europe"), the UK and the US. Quarterly results are presented, aggregating themonthly data, which we believe offers a more stabilized view of trends. Participants are not allowed to take the survey morethan —The survey assesses public views on key sustainability issues using an Online Nationally Representative (ONR) sample of 1650respondents per European country and the UK, and 1950 in the US. Our robust protocol ensures proportional representation across Exiting 2025, 72% of survey respondents view global warming as “happening” 42% of respondents believe global warming is happening at an alarmingly fast rate (Q4’2025). The level of “alarm” in Europe is moderating, but a large cohort remains concernedSouthern European countries show a higher level of alarm regarding the pace of global warming. Source:dbDataInsights(country specific results from Survey Question 1–see page 4) The UK and Europe are showing slightly higher levels of moderation than the US Roughly two out of five individuals surveyed in Q4’25 are “alarmed by the pace of global warming, while three-four out of five respondents believe it is Support for corporate action to address global warming remains strong About two-thirds of respondents across all six countries want companies to do more to address global warming. A significant number of consumers do lean towards sustainable companiesA large cohort of respondents are willing to buy more from companies taking steps to reduce global warming. Source:dbDataInsights Climate and Sustainability Outlook for 2026–Top 10 Themes and OutcomesSee our full reporthere. 2. The EU's sustainability and regulatory agenda will continue to beinfluenced by geopolitical and economic issues in 2026. The landscape of global climate and sustainability policy is set for aperiod of distinct regional differentiation, shaping varying challenges and —The regulatory outlook will remain uncertain, with the EU facingcontinued pressure:While 2025 brought clarity on certain aspects(e.g. reduced thresholds) of corporate transparency and supply chain —US climate retreat to continue, with potential for broader globalramifications.Trump 2.0 began 2026 by withdrawing the US from theUNFCCC, the foundational international treaty for global climateefforts. This move re-emphasises its fossil fuel first agenda and willlikely further disrupt international climate cooperation. Given the —GlobalTrade Friction from CBAM:Expect the EU's Carbon BorderAdjustment Mechanism (CBAM) to continue generating tension intrade discussions throughout 2025, as major economies such as —TheEU is navigating a complex landscape in 2026:Europe willpersist in its implementation efforts, yet further recalibration of policyis anticipated, driven by a heightened emphasis on energy security —Evolving EU ETS & Industrial Competitiveness:Anticipate significantdebate and potential revisi