The European Investment Bank (EIB) Group announced a new plan to deliver at least €30 billion (USD$34 billion) for climate adaptation by 2030.

The new plan will double the pace of the EIB Group’s financing compared with the last five years, channeling capital to projects to help Europe adapt to heatwaves, droughts, wildfires and floods, in areas ranging from energy networks and public buildings to water systems and climate-resilient agriculture.

According to the EIB, research shows that every euro invested in adaptation can generate up to €10 in economic benefits. The new initiative, Adaptation Plan Phase 2 for 2026–2030, will make adaptation investments easier to identify and finance, particularly for smaller businesses. Additionally, the EIB Group said that its plan will help European companies bring adaptation technologies to the market.

The new plan is structured around key pillars of scaling up investment, including strengthening project pipelines and mobilizing public and private capital through financing, advisory support, blended finance and risk-sharing instruments; investing in areas where resilience matter most, including vulnerable communities, cities and regions, small and medium-sized enterprises, farmers and climate-vulnerable partner countries, and; mainstreaming climate resilience by embedding climate resilience across EIB Group operations, improving access to adaptation finance and strengthening the measurement of results.

Key focus areas of the plan will include safeguarding water supplies, food production and healthy ecosystems by financing water-efficient irrigation, storage and reuse, climate-resilient farming practices, nature-based solutions such as restoring wetlands, forests and floodplains and infrastructure designed to withstand droughts and floods.

The EIB added that it will help businesses, public authorities and financial institutions to identify climate risks and adaptation measures through ClimateSET, an open-access digital tool developed with the Copernicus Climate Change Service, set to launch later this year. ClimateSET will also be integrated into an enhanced Green Checker, helping businesses and financial intermediaries identify investments responding to climate risks in their area.

EIB Group President Nadia Calviño said:

“Climate adaptation is a no-brainer. Every euro invested in prevention and adaptation to climate change saves 10 euros in damages and repairs.”

Image source: EIB, photographer Liam McEvoy