EIB and World Resources Institute join forces on climate adaptation, biodiversity and nature-based solutions
- The European Investment Bank and World Resources Institute signed a memorandum of understanding in Washington, DC, to foster increased cooperation.
- The agreement will promote closer collaboration between the two institutions to support solutions that ensure nature can thrive and that improve people’s lives in sub-Saharan Africa, small island states as well as conflict-sensitive and fragile states.
- Areas of alignment include, among others, exchange of knowledge and data to help raise awareness about climate change, biodiversity and nature-based solutions and potentially identify and develop projects eligible for EIB financing.
The European Investment Bank (EIB) and World Resources Institute (WRI) signed a memorandum of understanding on 15 April 2023 to support their shared objectives across a broad range of areas, focusing on climate action, biodiversity and nature-based solutions, agriculture and food, gender and social inclusion. The agreement will allow the two institutions to work together to create an enabling environment for investments in nature and human development.
Speaking in Washington D.C., EIB Vice-President Ambroise Fayolle said : “Tackling the climate and biodiversity crises requires synergies and cooperation at all levels in order to bring about the tremendous shifts and actions needed. We are stronger together. The agreement signed today will allow the World Resources Institute and the European Investment Bank to build on each other’s strengths to raise awareness and prepare the ground for projects that could be financed by financiers like the EIB. As such, it will ensure that science and finance go hand in hand to achieve the highest impact.”
Ani Dasgupta, President and Chief Executive Officer of WRI, said:
“The global finance gap from now to 2030 is in the trillions and will not be filled by any one organization or sector still thinking in terms of billions. We are combining EIB’s financial and multilateral expertise with WRI’s cutting-edge research and experience so that global climate and biodiversity finance can start to flow where it’s needed most. Our collaboration will explore a new kind of innovative partnership that brings all actors together, making sure that finance is in place to accelerate real progress at scale.”
Building climate-resilient societies and supporting investment in biodiversity and nature-based solutions while ensuring a just transition will be core elements of the partnership in the first two years of implementation. In particular, the EIB and WRI will exchange knowledge and practical tools, carry out studies, and provide capacity support in project identification and preparation. They will also work together on specific initiatives such as the African Cities Water Adaptation (ACWA) Fund, a blended finance instrument set up by WRI and partners to help African cities scale investments in locally-led adaptation solutions in the water sector.
Key facts on biodiversity and climate adaptation:
- Currently, almost half of the world’s gross domestic product relies on services that are provided by nature.
- At the UN Biodiversity Conference (COP15) in Montreal in December 2022, countries agreed to conserve 30% of the world’s land, ocean and waters by 2030.
- Wealthier nations also agreed to provide $30 billion annually to developing countries for biodiversity action by 2030, and all countries agreed to eliminate $500 billion in annual harmful environmental subsidies by 2030.
- Deforestation, agricultural production and related land use change accounts for about 23% of net annual greenhouse gas emissions. (source: Intergovernmental Panel on Climate Change)
- Natural climate solutions can provide one-third of the climate mitigation needed between now and 2030 to keep global warming below 2 degrees Celsius.
Background information
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. By launching its Climate Bank Roadmap, the EIB has committed to align all its new operations with the goals and principles of the Paris Agreement and to support €1 trillion of climate action and environmental sustainability investments in the decade to 2030.
World Resources Institute (WRI) is a global research organisation with offices in Brazil, China, Colombia, India, Indonesia, Mexico and the United States, and regional offices for Africa and Europe. Our over 1,700 staff work with partners to develop practical solutions that improve people’s lives and ensure nature can thrive.
