Asian Infrastructure Investment Bank launches Climate Action Plan

Asian Infrastructure Investment Bank launches Climate Action Plan

SHARM EL-SHEIKH - The Asian Infrastructure Investment Bank on Monday launched its Climate Action Plan, which it refers to as a milestone in its ongoing commitment to combating climate change.

Designed to guide the AIIB's climate ambition from 2024 to 2030, the CAP brings together the principles governing the bank's climate financing while identifying crucial action areas that will steer its investments in support of its members, the AIIB said in a statement.

After a meeting at the UN, countries brace for the COP28 global fuel fight.

's ambition to mobilize our capital, capacity, and convening power to help our members in their efforts to address climate change, said AIIB President and Chair of the Board Jin Liqun.

The plan lays out four principles, addressing the distinct needs of its members for a consistent approach to climate finance, taking a comprehensive approach, mobilizing capital, and facilitating technological advancements.

The Bank notes that Asia contributes more than half of the world's greenhouse gas emissions, resulting in its effectiveness in addressing its unique climate challenges is crucial to the sustainability of societies worldwide.

The two-day meeting will demonstrate AIIB's commitment to investment and action that drive growth towards a greener world as demonstrated by AIIB's mission of promoting sustainability.