The European Investment Bank (EIB), the financial arm of the EU, announced on Tuesday it will double funding for climate change adaptation projects over the next five years.
In its second climate roadmap phase, approved by its board of directors, the EIB plans to allocate €30 billion for these projects between 2026 and 2030, according to a statement from the institution.
This increased support will focus on agriculture, water management, businesses, cities and regions, and the most vulnerable communities impacted by climate change, the EIB said.
The bank also aims to prioritise consumer interests in its investments in decarbonised energy, with a stronger emphasis on projects that enhance competitiveness, supply security, and deliver lower prices.
In alignment with the European Commission’s push for simpler procedures, the EIB intends to significantly reduce the administrative burden for businesses seeking funding. This includes eliminating redundant requirements and using self-assessments.
Climate adaptation remains a neglected area in climate finance, with most funds directed towards mitigation projects. This has frustrated developing nations, which face immense adaptation needs.
