EIB Institute’s Post

"My island is just 39 square kilometres, but the last hurricane decimated it. We had one hurricane 50 years ago; in the past 10 months, we’ve had three, with the last one damaging over 90% of properties." These are the words of Simon Stiell, Executive Secretary of UN Climate Change, sharing his firsthand experience of climate change’s devastating effects on his home island of Carriacou. For Mr. Stiell, the next five years are critical. We are nearing a natural point-of-no-return, yet there is still hope. The transition has begun, and measurable progress is underway. What we need now is more political will and decisive climate action. Multilateral Development Banks play a crucial role by de-risking investments, supporting vital innovative technologies, and attracting private capital. The cost of inaction is high. That’s why, as the Climate Bank, we: 🟩 Dedicate 60% of our budget to climate and environmental sustainability. 🟩 Support projects and initiatives that mitigate the effects of climate change. 🟩 Plan to triple our adaptation finance by 2025. Ahead of #COP29 in Baku, Mr. Stiell met with EIB President Nadia Calviño and Vice-President Ambroise Fayolle to discuss how we can further contribute to global climate action, achieve the 1.5°C target, and the pivotal role of Multilateral Development Banks in accelerating green finance. #ClimateAction #ClimateChange