Red-alert heatwaves are becoming Europe's new normal. Investors are paying attention

People jump in the Trocadero Fountain near the Eiffel Tower during a heatwave in Paris on June 22, 2026. Julien De Rosa | Afp | Getty Images LONDON — Multiple Western European countries have spent this week grappling with record-smashing heatwaves , with red alerts issued in the U.K., France, Germany, Switzerland and Italy that warn of "a risk to life for even the healthy population." Temperatures soared well above 40 degrees Celsius (104 degrees Fahrenheit) in various regional towns and cities, with "tropical nights" offering little respite from the well-above-average June heat. Old buildings and infrastructure, limited uptake of air conditioning and little acclimatization to those highs mean European populations are less equipped to cope with such temperatures than other parts of the world. Amid warnings that climate change means scorching temperatures are set to become the norm , some investors are rethinking how to prepare their portfolios for the societal changes anticipated alongside a future of sweltering summers. Building resilience Stephanie Niven, co-portfolio manager of the Global Sustainable Equity strategy at Ninety One, told CNBC on a call on Friday that her team took the view that the rise of intense weather conditions in Europe was creating a structural growth opportunity for investment. …