EU’s lending arm joins India-led Coalition for Disaster Resilient Infrastructure
European Investment Bank president Werner Hoyer welcomed the Indian government’s initiative to create CDRI to build a global economy resilient to climate change
The European Investment Bank (EIB), the lending arm of the European Union (EU), has joined the India-led Coalition for Disaster Resilient Infrastructure (CDRI) as part of efforts to limit damage caused by climate change.
EIB will work with national governments, UN agencies, multilateral development banks and the private sector that are part of CDRI to promote the rapid development of infrastructure resilient to climate change and natural disasters around the world.
The European development bank intends to work with CDRI members to take forward EU initiatives to achieve sustainable global connectivity, such as the Global Gateway, and climate action initiatives such as the EU Green Deal. EIB has also announced plans to double its annual investments in India from the current level of about €500 million in the next two years.
EIB president Werner Hoyer welcomed the Indian government’s initiative to create CDRI to build a global economy resilient to climate change. “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.
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Kamal Kishore, the Indian co-chair of CDRI’s executive committee, welcomed the EIB’s decision in view of its position as one of the world’s main financiers of climate action and environmental sustainability.
EIB, as the EU’s climate bank, also has extensive experience supporting climate action projects worldwide. EIB’s membership of CDRI will also facilitate the establishment of standards and certification relevant to disaster-resilient infrastructure.
CDRI was launched at the UN Climate Action Summit in 2019 at the initiative of India, and facilitates the sharing of knowledge and resources among its members. It also helps countries meet the UN Sustainable Development Goals (SDGs) and expand access to basic services.
EIB has been investing in sustainable infrastructure in India and the region for more than 25 years, and its CDRI membership is expected to strengthen the India-EU connectivity partnership.
The development of resilient infrastructure is a key step in limiting the impact of climate change, especially in developing countries that are expected to be among the hardest hit by the phenomenon.
Developing countries currently require annual investments in climate adaptation in the range of €60 billion, and by 2030, these countries will need between €120 billion and €250 billion each year.
Since the beginning its operations in India in 1993, the EIB has supported 17 projects in transport, energy, agriculture, fisheries and forestry with investments of nearly €4.2 billion.