AIIB swivels to climate and private-sector financing ahead of COP26
The president of the Asian Infrastructure Investment Bank tells Euromoney the multilateral is intent on being ESG friendly, and crowding more private-sector capital into infrastructure projects.
The sixth annual meeting of the board of governors of the Asian Infrastructure Investment Bank, a three-day-long event held this year in the United Arab Emirates, kicks off today.
Before it started, Euromoney sat down with AIIB president Jin Liqun. We discussed the multilateral’s commitment to climate and private-sector financing, how the bank has changed, and Jin’s hopes for a return to business as usual after Covid.
Here are five takeaways from the conversation.
Since its launch in 2016, the AIIB has approved 144 projects worth $28.5 billion in 31 countries. It started with 57 founding members and now has 103. Covid caused logistical headaches, but projects continue to be approved and funded: as of October 17, those total cumulative investments of $28.5 billion, stood against $12 billion at the start of 2020.
But that’s just the top-line detail.
Jin says the bank’s aim is “to reach or surpass, by 2025, a 50% share of climate finance in our financing approvals. We prioritize green infrastructure and help to support our members to meet their environmental and development goals. It is done by financing projects that deliver local environmental improvements and investments dedicated to climate action.”