Climate change is the most significant challenge for the planet. The increase in global temperatures and the changes in rainfall patterns will cause impacts such as severe droughts, water shortages, forest fires, melting of glaciers and sea ice, and the loss of ecosystems. If left unaddressed, climate-related disasters and slow-onset climate change will hurt lower-income countries’ economies and push millions of people into poverty.

Investments in the mitigation of climate change are growing; however, the speed and size of investment must increase to avoid dangerous climate change and realize the objective of the Paris Agreement.

The European Investment Bank is one of the world’s largest financiers of climate action. The Bank will help mobilize €1 trillion in climate and environmental sustainability projects over the current decade. The Bank has created a new global development branch to ensure that it can effectively address the climate and development challenges.

The European Investment Bank helps societies, governments, and companies, fight climate change, supports green innovation and helps cities build the infrastructure that reduces climate risks and assists people as they adjust to weather problems, drought, and flooding.

“Climate change is the biggest threat to long-term development and requires more investments and capital,” says Michael Rattinger, a senior officer at the European Investment Bank. “We need to mitigate the effects of climate change while ensuring we can achieve the 2030 development goals and there is a just transition to a net-zero emissions global economy”.