Rising global temperatures are contributing to more frequent extreme weather events, including cold and heat waves, floods, droughts, wildfires and storms. Slower climate events, such as desertification, sea-level rise, ocean acidification, biodiversity loss and ecosystem degradation, pose existential threats in the long term. The primary response to these changes has been to reduce greenhouse gas emissions as quickly as possible.
Adaptation to current and future climate change is an essential complement to the efforts to mitigate emissions. Adaptation is only possible through the implementation of national and local climate plans, the adoption of new technologies and know-how, and increased investment. Lack of financing is one of the main obstacles to adaptation projects. Companies often can’t find funding because of high risk or uncertain revenue, or because firms are not aware of the funding programmes.
Integrating climate change adaptation into the early planning stage of infrastructure development saves money, reduces risk and enhances resilience against future climate challenges. Beyond Europe, adaptation work in 2025 will focus on the blue economy and fragile countries, such as small island developing states.
ADAPT – an advisory platform dedicated to adaptation
The Climate Adaptation Investment Advisory Platform is a new European Investment Bank initiative developed as part of the EIB Climate Adaptation Plan, with the aim of directly contributing to the EU Adaptation Strategy.
Financed by the InvestEU Advisory Hub, ADAPT offers technical and financial expertise for climate adaptation investments. It accelerates adaptation projects that strengthen the resilience of cities, infrastructure networks, coastal areas, river basins, food systems, forests and ecosystems, and other activities vulnerable to climate change. ADAPT also helps to develop climate adaptation strategies and to strengthen clients’ abilities to deal with the impacts of climate change.
Strengthening climate adaptation investments in Greece
Climate adaptation is an essential component of sustainable development, especially for countries like Greece that are particularly vulnerable to climate change. Greece, with its extensive coastline, numerous islands and reliance on agriculture and tourism, faces significant risks from rising sea levels, increased temperatures and extreme weather events.
Addressing these risks by investing in climate adaptation can protect the country’s infrastructure, economy and environment.
EIB Advisory experts under the ADAPT advisory platform worked with local consultants to assess how they could enhance climate adaptation investments in Greece. The team examined national and regional plans, legal statutes and institutional responsibilities related to climate change. The goal was to find ways to improve climate adaptation investments. The team recommended improvements to align national strategies with best practices in climate adaptation.
EIB Advisory and local authorities launched two pilot projects to demonstrate how these enhanced climate adaptation measures can be useful.
Athens water stress
The Athens water supply company was the second pilot project. Water supplies in Greece are under increasing stress because of changing rainfall patterns and higher temperatures. The project aimed to improve the water supply through adaptation measures, including by installing new pipes and modernising other water infrastructure to reduce leaks, increase water storage capacity, and develop plans to address droughts.
Strengthening climate adaptation investments in Greece is vital for the country’s long-term sustainability. EIB Advisory experts and local consultants helped the country make significant progress in aligning the legal and institutional framework with climate adaptation best practices. The pilot projects in Heraklion and Athens show how targeted investments can enhance climate resilience in critical sectors. By continuing to prioritise climate adaptation, Greece can protect its environment and infrastructure, and support sustainable growth.
Greece is one of the EU Member States considered most vulnerable to a variety of climate impacts. By providing advisory support and working with local experts, we are strengthening climate adaptation investment.
Ioannis Tsakiris
Vice-President of the European Investment Bank
Heraklion’s busy port
The port of Heraklion, one of the busiest ports in Greece, is a critical hub for commerce and tourism. Given its importance and vulnerability to rising seas and extreme weather events, it was chosen as a pilot site. The project incorporated climate adaptation strategies into the port’s infrastructure development plans. The work included upgrading flood defences, improving drainage systems and installing early warning systems to manage storm surges.
Ischia’s path to adaptation
In 2022, the island of Ischia in the Bay of Naples faced a catastrophic landslide triggered by heavy rainfall. The landslide hit the town of Casamicciola Terme and other areas, causing widespread destruction and loss of life.
Many people were forced to find new homes. The damages underscored the island's vulnerability to climate-related natural disasters and highlighted the urgent need to strengthen infrastructure and better prepare for environmental dangers.
The Italian government appointed a special commissioner to manage recovery efforts. The European Investment Bank offered a package of advisory support and a loan to help the island implement priority reconstruction measures.
As an immediate measure, the Bank mobilised advisory support to conduct a climate risk and vulnerability assessment, analysing the island’s climate-related problems and providing design recommendations for the reconstruction. The advisory services will strengthen Ischia's resilience and improve public authorities’ capabilities to implement recovery measures. This work will address the landslide and earthquake damage in 2017.
With funding from the InvestEU Advisory Hub, EIB Advisory experts and external consultants are also helping the special commissioner with the investment planning, design and implementation of the projects. We are consolidating the reconstruction plans and setting up project planning tools, including a chart of the implementation schedule.
We helped officials focus on the most urgent reconstruction plans, while complying with the technical recommendations from the climate risk assessment. This assistance included hands-on support in reviewing and improving the project documentation of reconstruction plans, such as the stabilisation of slopes to prevent landslides.
During the project implementation, Bank experts helped set up a “geographic information system” that performs real-time monitoring of reconstruction projects on the island. The public interface part of this tool enables island residents to get up-to-date information online about the projects.