COP29: Invest in adaptation and resilience to prevent more Valencia floods, says EIB president

Investing in the prevention of climate disasters is a "no brainer", according to the President of the European Investment Bank.

Nadia Calviño called investment into climate resilience "not only the right thing" but also "the smart thing to do."

Speaking from the COP29 climate talks in Baku, she stressed the importance the private sector and the economy play in driving the green transition:

"We want to mobilise more private investment and have a larger impact on the ground together and beyond the incentives and discussions.

We see that there is an energy revolution in full swing and the private sector, financial sector, investors, also energy companies and a large industry, they're getting on with it."

The European Investment Bank is owned by EU countries and the world's largest multilateral leader.

One dollar invested in adaptation and resilience pays itself back 5x

The Spanish economist insisted that investing in adaptation is just as important as prevention and that both are inevitable:

"It is a no brainer that we need to invest in resilience, adaptation and prevention. One dollar invested in adaptation and resilience actually saves five to seven in repairs and compensation of damages."

Lessons learned from Valencia

Calviño discussed the devastating floods in Valencia and surrounding areas that killed more than 200 people and left many others without cars or power.

The EIB president explained what the bank is doing to help Spain in the aftermath, saying: "Spain is a very resilient economy, very strong economy. The government has taken urgent measures.

From the European Union and the European Investment Bank, we are also mobilising €900 million in immediate deployment of ongoing projects. So that we can support the reconstruction."

Last weekend, 10,000s took to the streets to protest authorities' response to the Valencia floods. Locals believe the response was mismanaged, with authorities reacting too slowly and alert warnings about the dangers of the flood being sent out too late.

Calviño also pointed out that populations will likely have to move away from areas most prone to extreme weather.

"We have learned that one thing is we cannot do is continue to build in climate vulnerable places. We need to be protected. We need to invest in prevention because that is a good business. It's a good investment."