European Investment Bank joins India-backed coalition CDRI

The EU-owned European Investment Bank (EIB) has joined the Coalition for Disaster Resilient Infrastructure (CDRI), an India-backed initiative aimed at boosting sustainable development while dealing with the adverse impact of climate change.

The EIB on Tuesday said it stands ready to work with the CDRI members to unlock the benefits of initiatives taken by the European Union (EU) to achieve sustainable global connectivity and climate action measures.

Launched in 2019 by Prime Minister Narendra Modi at the UN Climate Change Summit, the CDRI is an international collaborative platform involving the public and private sectors to promote the resilience of new and existing infrastructure systems to climate and disaster risks in support of sustainable development.

''I welcome the initiative by the Indian government to create CDRI, a forum for international cooperation on building a global economy resilient to climate change and natural disasters,'' EIB president Werner Hoyer said.

''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.

The CDRI is a partnership of national governments, UN agencies, multilateral development banks and the private sector.

Ambassador of the EU to India Ugo Astuto said the EIB has been investing in sustainable infrastructure in India and in the region for over 25 years.

''The EIB's membership of CDRI will further strengthen the EU-India Connectivity Partnership and contribute to implementing the EU Global Gateway Strategy with a Team Europe approach, regionally and globally,'' he said.

The EIB said it will focus on developing standards and certification relevant to disaster-resilient infrastructure and help the CDRI develop research and knowledge-management capabilities of its members.

The bank said it will also support advocacy and partnership initiatives undertaken by the CDRI at global events, conferences and initiatives, and the dissemination of knowledge products developed by the organisation.

It said developing countries currently require annual investments in climate adaptation in the range of 60 billion Euros and by 2030, these countries will need between 120-250 billion Euros per year.

''Multilateral development banks like the EIB will have a crucial role in mobilising private and public finance for climate adaptation projects,'' the EIB noted.

Under its climate adaptation plan, the EIB has pledged to increase the share of adaptation support to 15 per cent of the bank's overall financing for climate action by 2025.