AIIB Partners With Bloomberg Philanthropies to Push Clean Energy Investment in Asia

The Asian Infrastructure Investment Bank (AIIB) and Bloomberg Philanthropies said they will work together to increase the pace and scale of clean energy deployment and capital mobilisation across Asia.

The new partnership complements both organisations’ ongoing work to support green initiatives across regions, develop viable pathways to net zero, and accelerate the deployment of renewable energy in an effort to secure clean energy access for all in the region by 2030.

As a major contributor to global emissions, Asia’s sustainable development is crucial for achieving the Paris Agreement objectives.

With regional energy demand set to grow three percent a year until 2030 ensuring this demand is met with clean energy will be critical to meeting international climate goals.

AIIB and Bloomberg Philanthropies said partnerships are crucial to reducing barriers, filling resource gaps, and meeting climate financing needs to accelerate the transition from fossil fuels to renewable energy.

In the leadup to COP28 and the Global Stocktake, AIIB and Bloomberg Philanthropies said they will seek to leverage their financial and technical resources to mobilise capital to advance the adoption of renewable energy worldwide.

“This is the crucial decade for climate action. We must massively expand clean energy globally, and developing countries cannot be left behind in this race,” said Jin Liqun, AIIB President and Chair of the Board of Directors. “By working together with Bloomberg Philanthropies, AIIB can unlock and mobilize additional capital through innovative approaches and financing tools that help deliver the UN’s 2030 Agenda.”

Michael Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies added: “This new partnership will facilitate faster deployment of renewable energy projects, which will improve public health and generate economic growth. We look forward to working with AIIB and all our partners to increase clean energy access across Asia.”