AIIB, UAE COP28 Presidency Partnership to Accelerate Energy Transition in Asia

The Asian Infrastructure Investment Bank (AIIB) and the COP28 Presidency are collaborating to mobilise climate investment capital and accelerate clean energy investments to address critical resource gaps in Asia and beyond.

Under the partnership, AIIB and the COP28 Presidency intend to co-develop innovative financial structures to scale up private and institutional capital mobilisation. Among them is the initiation of a new blended finance structure as part of shared efforts to drive capital into green initiatives.

“This is an important step forward for AIIB in advancing the 2030 agenda and the goals of the Paris Agreement,” said Jin Liqun, AIIB President and Chair of the Board of Directors. “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.”

Commenting on the partnership, Dr. Sultan Al Jaber, COP28 President 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.”