COP28: Vice-President Fayolle on innovation solutions to financing adaption to climate change in vulnerable cities

We are gathering here today to turn our attention to a most pressing global challenge that demands our increased focus and concerted action - the need to adapt to climate change.

The stark reality is that our world is undergoing profound transformations and nowhere is it more evident than in the vulnerable regions where the delicate balance between human habitation and the forces of nature is at its most precarious.

Today, I am glad that the EIB that I represent, is supporting a landmark investment in collaboration with the French asset manager Meridiam, to support climate change adaptation of the city of Nouakchott in Mauritania.

Nouakchott stands as striking example of a city grappling with the effects of climate change. Rising sea levels, increasing temperatures, and unpredictable and more extreme weather events pose a grave threat to its inhabitants.

But in the face of adversity, there lies an opportunity. And this is what Meridiam, with the support of the EIB, has been able to identify and support through The Urban Resilience Fund (TURF), an investment co-created with the Rockefeller Foundation, supported by the United Nations Capital Development Fund ("UNCDF") and managed by Meridiam. It focuses on developing, investing, and managing resilient and sustainable urban projects, benefiting cities and their populations exposed to the effect of climate change and growing urbanisation.

As you know, the EIB has evolved into the EU climate bank. In 2019 we decided to stop investment in unabated fossil fuel projects - including gas.

With its Climate Bank Roadmap we have aligned all our activities with the Paris agreement, committing to more than 50% of our financing for investments in climate action and environmental sustainability - and committing to support investment of one trillion euros up to 2030. Our latest review of our progress is highly encouraging and shows we are on track.

Two years ago, the EIB announced its adaptation action plan and the intention to triple our financing by 2025 to support those already impacted by the effects of climate change. We know this is hugely ambitious and we are working with our clients to increase the focus and work on solutions. We also need to show that adaptation projects can be bankable with returns for private investors. That's why I find TURF is so interesting as a possible model for us all in this endeavour .

Mesdames et Messieurs, c'est avec grand honneur que je vous souhaite la bienvenue à cet évènement crucial sur l'adaptation au changement climatique des villes côtières telles que Nouakchott. Sans plus attendre, j'ai le plaisir de céder la parole à Madame la Ministre Lalya Aly Kamara, dont l'engagement et l'expertise seront des atouts essentiels pour guider ce panel d'experts.

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