The Luxembourg National Research Fund (FNR) has selected the project “ImpAct: The Impact of Climate Change on Entrepreneurship” for funding under its CORE 2024 Call. Led by Prof. Christian Fisch and the EINT research group, the project will receive a total budget of approximately €550,000 over a three-year period.
Project Overview: Climate change and extreme weather events are increasingly shaping social and economic realities. In 2022 alone, 387 catastrophic climate events affected 185 million people, claimed over 30,000 lives, and caused economic damages exceeding $220 billion. Luxembourg, too, has experienced severe climate-related impacts, including recent flooding events. According to the European Environment Agency, the country incurred €1 billion in climate-related costs and 170 fatalities over the past 40 years. Despite growing recognition of these challenges, research at the intersection of climate change and entrepreneurship remains fragmented and underdeveloped. The ImpAct project aims to close this gap by developing an evidence-based, theory-grounded understanding of how climate change influences entrepreneurial activity.
To achieve this, ImpAct will conduct three interlinked studies using cutting-edge theoretical and methodological approaches. The results will culminate in a comprehensive model detailing how climate change can enable new forms of entrepreneurship, validated across various empirical contexts.
Societal and Policy Relevance: ImpAct aims to provide actionable insights for both policy and practice. For policymakers, the findings will support the design of targeted interventions—such as funding mechanisms, education programs, and support structures—for individuals and groups enabled by climate-related challenges. For entrepreneurs, the project will offer guidance on how to adapt business strategies to thrive under changing environmental conditions, including industry-specific opportunities.
While offering global implications, the project also holds specific relevance for Luxembourg, as qualitative and quantitative data will be collected locally. The research will generate tailored recommendations to support the country’s entrepreneurship ecosystem in adapting to climate-related disruptions.
Outlook: The findings from ImpAct are expected to serve as a basis for future interdisciplinary research and support Luxembourg’s position as a hub for innovation and sustainable development.
About FNR CORE:
CORE is the central funding programme of the Luxembourg National Research Fund. Its mission is to support high-quality, innovative research aligned with national research priorities. The ImpAct project contributes to the priority area of Sustainable and Responsible Development.