BAKU, Azerbaijan, October 26. Asian Infrastructure Investment Bank (AIIB) has committed to allocate 50 percent of financing on its approved projects by 2025 on climate-oriented issues, Jin Liqun, AIIB President and Chair of the Board, said today at the press conference, Trend reports via the Bank.
“At a time when the world is becoming more divided, it is imperative for us to promote multilateral cooperation and contribute to global governance through joint efforts with the international community,” he said.
According to the president, despite the availability of capital to tackle climate change, there is still so much more to do.
“Green bonds represent less than 1 percent of the total capital traded on the global markets. The only way to increase the levels of available climate financing is by adopting a multilateral approach that creates demand, ensures supply and ultimately leads to the innovation we need to stave off the threat of the changing climate,” he noted.
Meanwhile, AIIB’s climate finance in 2021 amounted to $2.9 billion, or 48 percent of total approved financing, up from 41 percent in 2020.
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