BAKU, Azerbaijan, October 24. In a significant move to address pressing climate challenges, the Asian Infrastructure Investment Bank (AIIB) and the COP28 Presidency have forged a collaborative partnership aimed at mobilizing crucial climate investment capital and expediting clean energy initiatives across Asia and beyond, Trend reports via AIIB.
The formalization of this partnership took place on October 16, 2023, when Dr. Sultan Al Jaber, COP28 President, was warmly welcomed by Jin Liqun, AIIB President and Chair of the Board of Directors, at the AIIB's headquarters.
Under this strategic partnership, AIIB and the COP28 Presidency intend to collaboratively develop innovative financial structures to amplify the mobilization of private and institutional capital. One notable initiative is the introduction of a new blended finance structure, forming part of their concerted efforts to channel funds into environmentally sustainable projects.
Through strengthened collaboration, both the AIIB and the COP28 Presidency will jointly advocate for improvements in the multilateral development finance architecture and foster enhanced institutional cooperation through operational support and knowledge exchange. This alliance underscores their unwavering commitment to maximizing development impact, gaining momentum, and achieving more through their combined resources, expertise, and influence.
Follow the author on X: @Lyaman_Zeyn