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The European Investment Bank (EIB) and the United Nations Environment Programme (UNEP) have signed a Memorandum of Understanding to expand cooperation on measures addressing climate change.

UNEP and the EIB will scale up financing for projects delivering solutions that help protect the environment, biological diversity and circular economy.

Emma Navarro, the president of EIB, said: “The climate emergency is the defining issue of our time. Now we must widen the debate and increase awareness of threats to nature and biodiversity and the impact they have on our lives.

“Annual global funding needed for safeguarding nature is estimated to be between $300-400 billion while the current flows remain around $50 billion. We need to work together to bridge the investment gap. We are very pleased to join forces with UNEP, the leading United Nations agency in the field of climate action and environment.”

“As we face existential crises – of nature and climate – our best chance to reverse the damage humanity has done and to leave future generations a liveable future is to work together to address these global challenges,” said Inger Andersen, executive director of UNEP.