The European Investment Bank (EIB) and the World Wide Fund for Nature (WWF) have signed a partnership to accelerate projects aimed at preventing the harmful effects of climate change and restoring biodiversity.
"Europe's adaptation to climate change lags far behind what is needed," stated EIB Vice-President Ambroise Fayolle during the signing at the 16th United Nations Biodiversity Conference (COP16) in Bogotá, Colombia.
The four-year partnership aims to change this by using nature-based solutions and focusing on restoring ecosystems related to agriculture, energy and urban resilience.
The WWF will establish an 'incubation facility' to develop solutions from initial conception to investment readiness. The EIB in turn will provide guidance on mobilising public and private financing.
While nature-based solutions face obstacles such as a lack of awareness or consensus among local players, they are necessary to address the world's climate crisis, the organisations explained in a press release.
"Partnerships with organisations such as WWF, which have a strong presence on the ground, are a relevant way for us to help deliver tangible results on a large scale," said Fayolle.
This announcement comes as the new European Commission is expected to present plans for climate change adaptation. The first European legislation on nature restoration came into effect last August.
The EIB is a lending institution of the European Union and it is owned by the EU Member States. It makes funding available for investments and projects which contribute to the EU policy goals.
The WWF is one of the largest independent conservation organisations and is active in over 100 countries. It aims to prevent the destruction of nature and to conserve biodiversity.
