LONDON, Oct 22 (Reuters) – The European Investment Bank on Thursday said it planned to invest at least €30 billion ($33.6 billion) before the end of the decade on projects to help adapt to the impact of climate change.
The new target, double the one in its previous five-year investment plan, comes ahead of the COP31 climate talks in Turkey, beginning on November 9.
• The new plan aims to help Europe adapt to heatwaves, droughts, wildfires and floods in areas including energy networks, water systems and agriculture.
• It includes financing, guarantees and advisory support.
• It will help scale European climate tech in areas including cooling systems and the energy and water sectors.
• It steps up support and technical assistance for climate-vulnerable nations, particularly small island developing states and least-developed countries.
• It will help develop projects in water management, coastal protection, early-warning systems, resilient transport and disaster-risk management.
• EIB Group President Nadia Calviño said every euro invested in prevention and adaptation to climate change saves 10 euros in damages and repairs.
($1 = 0.8934 euros)
(Reporting by Simon Jessop; Editing by Kirsten Donovan)
