In the fight against climate change, the promotion of a low-carbon and climate-resilient economy plays a central role. However, mobilizing additional financing and investment is often a huge challenge. As long-term financiers, development banks are ideally positioned to promote climate-friendly projects and exert a catalytic effect on other financiers. However, these financing institutions often lack the in-house knowledge and experience to strategically and purposefully invest in adaptation measures and design and hedge projects to withstand the impacts of climate change – a key barrier to their taking up this role.
One of the strategic objectives of the European Investment Bank's (EIB) climate strategy is to increase the climate resilience of its own operations and invest in specific adaptation activities. Together with Willis Towers Watson and a group of other experts, adelphi supports the EIB in this endeavor. The overall objective of the project is to equip the EIB with the required knowledge, skills and tools to strengthen climate resilience in its investments and identify a larger portfolio of adaptation opportunities. This will be achieved through two focal components: a capacity building program for EIB staff through training, e-learning materials, and sector guides; and Climate Risk Management support for investment projects and expanding the adaptation and resilience portfolio.
The project is implemented on behalf of the EIB by adelphi in cooperation with Willis Towers Watson as lead partner, AFRY, and the Finnish Meteorological Institute (FMI). With its extensive experience in climate risk vulnerability assessment (CRVA) in key EIB sectors, adelphi provides targeted technical advice in the areas of urban development adaptation and ecosystem-based adaptation (EbA) and is actively involved in the design and implementation of both project components. The results of the project will support the EIB in the implementation of its climate strategy and thus make a crucial contribution to strengthening climate risk management in financing institutions.