European Investment Bank to double investment in climate adaptation

The European Investment Bank is pressing ahead with aims to become a key lender to the European energy transition, with plans to double investment for climate change adaptation to €30bn by 2030.

The bank, which was founded by the 1958 Treaty of Rom is owned by the EU’s 27 member states and is among the larges multilateral financial institutions globally.

In 2020, it set out a Climate Bank Roadmap aimed at establishing itself as a key financier of the European energy transition. This initiative is now entering into its second stage with a commitment to ramp up investments in climate adaptation, alongside simplified reporting procedures.

The agreement was announced in Cyprus today, with additional funds to be deployed by the end of the decade.

The EIB has planned a record €11bn in new financing for energy grids this year alone, having already mobilised 40% of Europe’s total investment in this sector in 2024, the lender said.

Alongside loans to renewables firms and investments in early-stage climate solutions such as the Emerging Markets Climate Adaptation Fund in partnership with Allianz GI, EIB has also become a key issuer of green bonds, becoming one of the first issuers under the new EU green bond standards.