Recent devastating floods, exceptional wildfires and record-crashing heatwaves that hit different regions of the world are a tragic reminder that climate change poses far-reaching and devastating impacts on people, economies and the environment in all regions of the world, demanding urgent enhanced action on climate change adaptation.
This Climate Adaptation Plan by the European Investment Bank (EIB) aims to strengthen investment and technical support to protect projects from the impact of more extreme weather and increase climate resilience of existing and new infrastructure.
The plan supports the objectives of the European Union Adaptation Strategy inside and outside the EU. Specifically, the EIB pledges to increase the share of adaptation support to 15% of the bank’s overall finance for climate action by 2025. This represents an almost three-fold increase compared to adaptation finance over the past five years.