AIIB, UAE COP28 Presidency Partnership to Accelerate Energy Transition in Asia
BEIJING, Oct. 24, 2023 /PRNewswire/ -- The Asian Infrastructure Investment Bank (AIIB) and the COP28 Presidency are collaborating to mobilize much-needed climate investment capital and accelerate clean energy investments to address critical resource gaps in Asia and beyond.
Jin Liqun, AIIB President and Chair of the Board of Directors welcomed Dr. Sultan Al Jaber, COP28 President at AIIB's headquarters on Oct. 16, 2023 to formalize the partnership.
"This is an important step forward for AIIB in advancing the 2030 agenda and the goals of the Paris Agreement," said President Jin. "It reflects AIIB's firm commitment to work with all development partners in creating innovative approaches, unlocking additional capital and delivering value where most needed."
Under the partnership, AIIB and the COP28 Presidency intend to co-develop innovative financial structures to scale up private and institutional capital mobilization. Among them is the initiation of a new blended finance structure as part of shared efforts to drive capital into green initiatives.
Commenting on the partnership, Dr. Sultan Al Jaber said: "Fixing climate finance is central to our COP28 Presidency. We need to reform the current financial systems to ensure they address climate change, the biggest threat of this century. To do this we need to make capital affordable, accessible, and available. By working together with AIIB, we can find solutions to unlock the necessary finance, attract private capital and support mitigation and adaptation initiatives to build a climate resilient future."
"With Asia's growing demand for climate financing, we must hasten our investments and advance new technologies," added Sir Danny Alexander, AIIB Vice President for Policy and Strategy. "AIIB is committed to supporting investments dedicated to climate action and projects that deliver local environmental improvements."
By enhancing collaborations, both parties will continue to jointly advocate for improvements in the multilateral development finance architecture and stronger institutional collaboration through operational support and knowledge exchange. Such collaboration reflects a strong commitment to maximize development impact, build greater momentum and achieve more through combined resources, expertise and influence.
About AIIB
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is financing the Infrastructure for Tomorrow—infrastructure with sustainability at its core. We began operations in Beijing in January 2016 and have since grown to 109 approved members worldwide. We are capitalized at USD100 billion and Triple-A-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients' needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.
About the UAE COP28 Presidency:
- COP28 UAE will take place at Expo City Dubai from November 30-December 12, 2023. The Conference is expected to convene over 70,000 participants, including heads of state, government officials, international industry leaders, private sector representatives, academics, experts, youth, and non-state actors.
- As mandated by the Paris Climate Agreement, COP28 UAE will deliver the first ever Global Stocktake – a comprehensive evaluation of progress against climate goals.
- The UAE will lead a process for all parties to agree upon a clear roadmap to accelerate progress through a pragmatic global energy transition and a "leave no one behind" approach to inclusive climate action.
- The four pillars of the COP28 Presidency's Action Agenda are fast tracking the energy transition, fixing climate finance, focusing on people, lives, and livelihoods, and underpinning everything with full inclusivity.
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SOURCE AIIB
