Devex has long covered development banks’ struggle to find profit-making climate adaptation projects that tackle the effects of climate change rather than try to mitigate carbon dioxide emissions.
Back in 2021, the European Investment Bank set a target of allocating 15% of its climate finance to adaptation by 2025, for instance. But it’s been slow going, with the bank moving the needle only slightly from 4.9% in 2021 to 6.4% in 2023 as adaptation efforts struggle to keep pace with increased funding for mitigation.
And for now, the European Bank for Reconstruction and Development does not have an adaptation target at all. On Tuesday at Devex’s Climate + Finance event in London, we asked the bank’s President Odile Renaud-Basso: why not?
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About the author
Vince Chadwickvchadw
Vince Chadwick is a contributing reporter at Devex. A law graduate from Melbourne, Australia, he was social affairs reporter for The Age newspaper, before covering breaking news, the arts, and public policy across Europe, including as a reporter and editor at POLITICO Europe. He was long-listed for International Journalist of the Year at the 2023 One World Media Awards.
