European bank to greatly increase its funding for climate change adaptation in Africa

The European Investment Bank (EIB), which is the long-term financing agency of the European Union, will triple its worldwide climate adaptation funding by 2025, and Africa will be one of the regions that will benefit. This was announced on Monday at the Africa Adaptation Summit, held in Rotterdam in the Netherlands. The summit was organised by the Global Centre on Adaptation (GCA) and was attended by leading figures in governments, businesses and the United Nations.  “Climate change could wipe out 15% of Africa’s gross domestic product by 2030, which would mean an additional 100-million people in extreme poverty by the end of the decade,” said EIB president Werner Hoyer in his speech at the summit. “A scenario that is particularly unfair towards a continent that has contributed only marginally to climate change.”