Climate Change Adaptation Report
The European Investment Bank (EIB) releases a climate change adaptation report, which aims to introduce concepts related to climate change adaptation and summarize EIB’s actions in climate change adaptation financing.
EIB believes that climate change brings serious environmental and economic risks, so humans need to adapt to climate change. Financing climate change adaptation has important implications for energy systems, water management, food security and human health.
Related Post: World Economic Forum Releases Report on the Impact of Climate Change on Human Health
What is Climate Change Adaptation
Climate change adaptation refers to proactive measures taken by humans to manage the impacts of climate change and thereby build resilience to climate change. Common examples include improving road drainage systems to prevent flooding, developing drought-resistant crops to safeguard food production when the risk of drought increases, and establishing early warning systems to enable society to effectively respond to extreme weather.
The 2015 Paris Agreement describes climate change adaptation as: Enhancing adaptive capacity, strengthening resilience and reducing vulnerabilities to climate change. The European Investment Bank has recognized the urgency of adapting to climate change and provides financing and technical support in EIB Adaptation Plan.
What is Climate Change Adaptation Financing
Climate change adaptation financing refers to targeted investments to enhance climate change adaptation capabilities and resilience. These investments can enhance society’s ability to manage expected climate impacts and strengthen humanity’s resilience to the impacts of climate change. The scope of climate change adaptation financing includes not only infrastructure, but also education, medical care, financial services, etc.
Focus areas for climate change financing include building resilient cities and regions, protecting energy and communications infrastructure, addressing water scarcity and flood risks, strengthening climate resilience of food systems, forests and ecosystems, investing ineducation and research to support analysis of climate observations and addressing the health impacts of climate change.
EIB and Climate Change Adaptation Financing
The European Investment Bank has recognized the importance of assessing clients’ vulnerability to climate risks and has provided technical assistance throughout the project cycle to identify and plan climate adaptation projects. The EIB provides funding to the public and private sectors through the Climate Adaptation Investment Advisory Platform.
In terms of climate change adaptation financing methods, EIB combines available concessional capital with its own borrowing capacity to mobilize large amounts of financing for climate adaptation projects.
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