Climate Risk and Vulnerability Assessments to Support Greek Port Resilience
The European Investment Bank (EIB) has embarked on a mission to support the resilience of key Greek ports by providing advisory services as part of its commitment to sustainable infrastructure investments. In collaboration with Growthfund, Greece’s National Investment Fund, the EIB will conduct Climate Risk and Vulnerability Assessments (CRVAs) for the ports of Volos, Alexandroupoli, and Patras, ensuring their adaptation to climate change challenges. ### Key Benefits of CRVAs
• **Identify and mitigate physical climate risks**: CRVAs will help ports assess and address potential climate-related hazards, such as coastal flooding, sea level rise, and extreme weather events, which could impact port infrastructure and operations. • **Define adaptation measures**: The assessments will provide a framework for defining specific adaptation measures to enhance long-term sustainability and economic resilience. • **Enhance public infrastructure resilience**: By identifying and addressing physical climate risks, ports can ensure their resilience and long-term viability. ### EIB Advisory and Climate Risk Management
The EIB Advisory will provide targeted advisory services to support the ports in identifying and addressing physical climate risks. This will involve:
#### Baseline Assessment
Analyzing climate data and historical extreme weather events affecting the selected ports
Identifying climate-related vulnerabilities and potential impacts
Assessing the feasibility of implementing adaptation measures
#### Climate Risk and Vulnerability Assessment (CRVA)
Identifying climate risks and assessing their impact
Proposing adaptation measures to mitigate these risks
Defining the financial implications of these measures
#### Financial Impact Assessment
Estimating the potential impact of climate risks on operational costs, revenues, and investment needs
### EU Climate Policies and Best Practices
The project aligns with EU climate policies and best practices, including:
#### European Commission’s Technical Guidance on Climate Proofing Infrastructure
The European Commission’s guidelines for climate adaptation in ports and waterways provide a framework for assessing and addressing climate-related risks. #### PIANC’s Guidelines for Climate Adaptation in Ports and Waterways
These guidelines provide best practices for climate adaptation in ports and waterways, ensuring that adaptation measures are effective and sustainable. ### EIB’s Commitment to Sustainable Development
The EIB’s commitment to sustainable development is reflected in its role as the EU Climate Bank, supporting investments that build resilience and promote sustainable infrastructure. Through its advisory services, the EIB helps public and private stakeholders overcome investment barriers, ensuring that climate-proofing measures are both effective and financially viable. ### EIB Background
The European Investment Bank (EIB) is a long-term lending institution of the European Union, owned by its Member States. It was established to finance investments that contribute to EU policy objectives, including climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world. The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024. This significant investment boosts Europe’s competitiveness and security. The EIB Group’s projects are in line with the Paris Climate Agreement, as pledged in its Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment. The EIB’s focus on sustainable development is evident in its support for market integration and investment mobilization, with a record €100 billion in new investment for Europe’s energy security in 2024 and €110 billion in growth capital for startups, scale-ups, and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average. This focus on cohesion regions supports the development of public infrastructure and promotes economic growth. By providing advisory services to support the resilience of Greek ports, the EIB reinforces its commitment to sustainable development and climate action. The project aligns with EU climate policies and best practices, ensuring that the ports of Volos, Alexandroupoli, and Patras are better protected against extreme weather events and the broader effects of the climate crisis. ### Conclusion
The EIB’s commitment to sustainable development and climate action is evident in its role as the EU Climate Bank, supporting investments that build resilience and promote sustainable infrastructure. By working with Growthfund, the EIB supports the development of a more sustainable and resilient development model for Greece, and contributes to the creation of a more climate-resilient future.