March 28, 2024
Global Renewable News

EUROPEAN INVESTMENT BANK
EIB joins Coalition for Disaster Resilient Infrastructure (CDRI) to limit the destruction caused by climate change

July 20, 2022

Highlights

 

  • The EIB has joined the Coalition for Disaster Resilient Infrastructure (CDRI), which promotes the resilience of infrastructure to climate and disaster risks in support of sustainable development.
  • The EIB, as the EU climate bank, has extensive experience supporting climate action projects worldwide.
  • CDRI membership supports the implementation of the EIB Adaptation Plan, announced at COP26 in Glasgow.

The European Investment Bank (EIB), the bank of the European Union, has joined the Coalition for Disaster Resilient Infrastructure (CDRI), a partnership of national governments, UN agencies, multilateral development banks and the private sector, which promotes the rapid development of infrastructure resilient to climate change and natural disasters in countries at all stages of development.

Launched at the UN Climate Action Summit in 2019 at the initiative of the Prime Minister of India Shri Narendra Modi, CDRI allows its members to share knowledge and resources and help countries to meet the UN Sustainable Development Goals' (SDGs) and expand universal access to basic services, enabling prosperity and creating decent working conditions. These are all key preconditions for the sustainable development of the global economy.

The EIB stands ready to work with CDRI members to unlock the benefits of EU initiatives aiming to achieve sustainable global connectivity, such as the Global Gateway, and climate action initiatives such as the EU Green Deal.

EIB President Werner Hoyer said: "I welcome the initiative by the Indian government to create CDRI, a forum for international cooperation on building a global economy resilient to climate change and natural disasters. As part of Team Europe, the EIB will offer advisory and financial support to CDRI members and ensure they can benefit from all relevant EU initiatives. We share a common vision of a green, sustainable and resilient world, built on cooperation, knowledge exchange and mutual respect. I look forward to translating this shared vison into concrete projects we can all benefit from."

Kamal Kishore, Member Secretary, National Disaster Management Authority, India and Indian Co-chair of CDRI's Executive Committee, said: "CDRI welcomes the EIB, one of the world's main financiers of climate action and environmental sustainability, as a member and recognises the expertise it will bring to support the coalition's activities and member countries. We are pleased that the EIB supports our vision and matches our ambition to deliver sustainable and resilient infrastructure systems globally."

Ambassador of the European Union to India Ugo Astuto said: "I welcome the EIB's membership of CDRI. The EIB has been investing in sustainable infrastructure in India and in the region for over 25 years. The EIB's membership of CDRI will further strengthen the EU-India Connectivity Partnership and contribute to implementing the EU Global Gateway Strategy with a Team Europe approach, regionally and globally."

EIB membership of CDRI will facilitate faster knowledge sharing, establishment of standards and certification

As the EU climate bank, the EIB will work within CDRI on sharing knowledge, including via its newly deployed development branch, EIB Global. The EU bank will also focus on developing standards and certification relevant to disaster-resilient infrastructure.

The EIB will help CDRI to develop the research and knowledge-management capabilities of its members.

Finally, the Bank will support advocacy and partnership initiatives undertaken by CDRI at global events, conferences and initiatives, and the dissemination of knowledge products developed by the organisation.

The EIB has already contributed to a CDRI conference entitled Financing Resilience of Transitioning Infrastructure: Understanding Demand, Mapping Solutions and Charting Pathways by sharing insights and informing CDRI members of effective solutions for financing resilient infrastructure projects.

Climate adaptation is crucial for sustainable economic and social development

The development of resilient infrastructure is a key step in limiting the impact of climate change and ensuring the sustainable development of the global economy. This is especially relevant for developing economies, which are expected to be among the hardest hit by climate change, with poor and marginalised populations most exposed to the negative effects of rising global temperatures.

Developing countries currently require annual investments in climate adaptation in the range of 60 billion; by 2030 these countries will need between 120-250 billion per year. In addition, significant investments will be required to ensure that the 50-80 trillion of infrastructure planned for construction by 2030 is adapted to future climate impacts. Significant investments will also be required to reduce the vulnerability of marginalised communities and to support climate-resilient development pathways. CDRI will work with the EIB to open these pathways to its members.

Crucial role of multilateral development banks in mobilising private investments in resilient infrastructure

Multilateral development banks like the EIB will have a crucial role in mobilising private and public finance for climate adaptation projects. In 2019, these institutions committed to doubling their collective total level of adaptation finance to 15 billion annually by 2025. In 2020, their adaptation finance totalled 13.6 billion, up from 11.9 billion in 2019 and 10.9 billion in 2018.

EU initiatives like the EU Green Deal and the Global Gateway will create additional investment opportunities; the EIB membership of CDRI will help member countries to benefit from these multi-billion-euro opportunities and contribute towards their sustainable and green development.

Membership of CDRI supports the EIB Climate Adaptation Plan

The EIB membership of CDRI supports the implementation of the Bank's dedicated adaptation plan. Introduced in October 2021, the EIB Climate Adaptation Plan strengthens investment and technical support to protect projects from the impact of more extreme weather and increase the climate resilience of existing and new infrastructure. The plan outlines the EIB's intent to significantly increase adaptation financing to support the European Union Adaptation Strategy for smarter, more systemic and faster adaptation, both across Europe and globally.

Under its Climate Adaptation Plan, the EIB has pledged to increase the share of adaptation support to 15% of the Bank's overall financing for climate action by 2025. This represents an almost three-fold increase compared to adaptation finance over the past five years.

Background information

EIB Global is the EIB Group's new specialised arm dedicated to increasing the impact of international partnerships and development finance.  EIB Global is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world

https://twitter.com/EIBGlobal

https://www.linkedin.com/company/eib-global/

About the EIB in India:

Since the beginning of its operations in India in 1993, the EIB has supported 17 projects in the country and invested close to 4.2 billion in transport, energy, agriculture, fisheries and forestry projects as well as India's small and medium enterprises.

For more details about the EIB in India, please follow this link.

About the EIB in Asia:

For 25 years, the EIB has supported economic development in Asia and the Pacific region through projects ranging from cutting travel times for the people of Bangalore with a new metro line, to providing cheaper, cleaner energy to western Nepal.

In Asia, the EIB's focus is our lending on climate action across all sectors. Through our financing, we act as a catalyst to attract the funding needed to meet the UN's Sustainable Development Goals for 2030. We also work to include gender equality in our projects, ensuring that women, men, girls and boys can benefit from projects equally and equitably.

For more information

European Investment Bank

www.eib.org/index.htm


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