EIB, GCA join forces to accelerate global action on climate change adaptation
08-09-2021 10:55:00 | by: Pie Kamau | hits: 1088 | Tags:

The European Investment Bank (EIB), and the Global Center on Adaptation (GCA), announced plan to engage in a collaboration to accelerate action on climate change adaptation.

The partnership recognizes the urgent need to mobilize action in regions of the world that are particularly vulnerable to the impacts of climate change, such as the African continent, where the EIB and GCA aim to collaborate on the Africa Adaptation Acceleration Programme (AAAP), an initiative developed by the African Development Bank (AfDB) and GCA to scale up adaptation action in Africa by mobilizing $25 billion.

The EIB and GCA have identified various focus areas of collaboration: Financing adaptation solutions, supporting knowledge, tools and capacity-building on adaptation and sharing best practices and data.

“Working alongside the European Investment Bank on our common goal of accelerating global climate adaptation action represents an outstanding opportunity to combine our resources to safeguard our planet and future generations against the impacts of climate change,” said Patrick Verkooijen, CEO of GCA.

The two organizations foresee working closely with the AfDB and other multilateral development banks, as well as international financial institutions, aiming to provide financing for projects that fall under the AAAP’s pillars, which include infrastructure resilience, youth empowerment through jobs and entrepreneurship and climate smart digital technologies for agriculture and food security.

Another expected outcome of the EIB-GCA partnership is to identify and support opportunities and projects that could significantly contribute to climate adaptation around the world, particularly in Least Developed Countries, Small Island Developing States, and in the regions of EIB operations. 

“We are delighted to strengthen our cooperation with the Global Center on Adaptation to accelerate adaptation action in the most climate vulnerable regions of the world. The collaboration will bring together our complementary strengths, with the EIB as one of the world’s largest multilateral financiers of climate action and the GCA as a solutions broker for adaptation,” said Werner Hoyer, EIB President.