New Development Bank (NDB), a multilateral development bank established by Brazil, Russia, India, China and South Africa (BRICS), aims to direct 40 percent of its total financing over the 2022–2026 period to projects contributing to climate change mitigation and adaptation.

NDB stands committed to working towards aligning its new operations with the goals of the Paris Agreement under its general strategy for 2022–2026, the Shanghai-based lender said in a statement.

“NDB will work towards aligning its new operations with the Paris Agreement by the end of the strategy period,” the statement added.

Ten multilateral development banks, including NDB, outlined joint principles on Wednesday to ensure alignment of their new operations with the mitigation and adaptation goals of the Paris Agreement.

The multilateral development banks started developing a framework for aligning activities with the Paris goals in 2019.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)