The EIB has a global target of devoting over 25% of its overall lending to climate action (both mitigation and adaptation). In addition, the EIB has set itself an ambitious goal for climate to reach 35% of its lending in developing countries by 2020. In partnership with the EU and its peer institutions, EIB will continue supporting investments in climate mitigation projects worldwide and in climate adaptation in vulnerable areas, including Small Island Developing States (SIDS).
Adaptive solutions entail the protection of coastal ecosystems such as mangroves, wetlands, etc. All these actions aim to realize economic development benefits by reducing climate impacts and increasing climate resilience including through the development of adaptive capacities.
The following two deliverables illustrate EIB's commitment:
The EIB and the Caribbean development Bank (CDB) have signed a USD 110 million financing agreement to support investment projects in the Caribbean under the CBD's climate action policy. The Climate Action Framework Loan II builds on the USD 65 million Climate Action Line of Credit signed between EIB and CDB in 2011 and which supports nine projects in seven countries across the Caribbean. Eligible investments under the new loan include climate change mitigation, adaptation and resilience projects in sectors including energy efficiency, water infrastructure and community-level physical and social infrastructure. These projects aim to increase the climate resilience of Caribbean economies and of marine and coastal ecosystems, as well as to reduce marine pollution thereby contributing to the sustainable growth of the blue economy in the region.
The existing water supply system of the Seychelles is highly vulnerable to rainfall variability, which may be aggravated by climate change. Sewage collection and treatment facilities are also very limited, posing a high threat to both public health and the environment. To address these issues, the EIB and the Government of Seychelles have signed a loan of EUR 26.7 million supporting investment for EUR 54.6 million, which is currently being implemented. The project was developed with EIB support so as to focus on water and energy efficiency, adaptation to climate change, natural disasters risk management, water resources management and reduced contamination of coastal waters. All these areas crucially support the sustainability of tourism activities in the three main islands of the archipelago. The project is co-financed by AFD and AfDB.