European Investment Bank joins India-led Coalition for Disaster Resilient Infrastructure
Jul 19, 2022
New Delhi [India], July 19 : The European Investment Bank (EIB) has joined India-led Coalition for Disaster Resilient Infrastructure (CDRI) to limit the destruction caused by climate change.
EIB will work in partnership with national governments, UN agencies, multilateral development banks and the private sector to promote the rapid development of infrastructure resilient to climate change and natural disasters in countries at all stages of development, the EIB said in a statement.
EIB President Werner Hoyer welcomed the initiative by the Indian government to create CDRI to build 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," he said.
"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," Hoyer added.
The EIB intends 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.
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.
Indian Co-chair of CDRI's Executive Committee, Kamal Kishore welcomed EIB's decision to support the vision of CDRI to deliver sustainable and resilient infrastructure systems globally.
"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," he said.
CDRI was launched at the UN Climate Action Summit in 2019 at the initiative of India and allows its members to share knowledge and resources. It help countries to meet the UN Sustainable Development Goals' (SDGs) and expand universal access to basic services.
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, EIB said in a statement.
Developing countries currently require annual investments in climate adaptation in the range of EUR60 billion; by 2030 these countries will need between EUR120-250 billion per year. In addition, significant investments will be required to ensure that the EUR50-80 trillion of infrastructure planned for construction by 2030 is adapted to future climate impacts.
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 EUR15 billion annually by 2025. In 2020, their adaptation finance totalled EUR13.6 billion, up from EUR11.9 billion in 2019 and EUR10.9 billion in 2018.
Since the beginning of its operations in India in 1993, the EIB has supported 17 projects in transport, energy, agriculture, fisheries and forestry as well as India's small and medium enterprises and invested EUR4.2 billion.
