AIIB to fully align with Paris Agreement climate goals by mid-2023

The bank said it currently expects to approve $50bln in climate finance-related projects by 2030

  
AIIB is a multilateral development bank headquartered in Beijing, China.

AIIB is a multilateral development bank headquartered in Beijing, China.

Asian Infrastructure Investment Bank/handout via Zawya Projects

LONDON - The Asian Infrastructure Investment Bank said on Tuesday it planned to fully align its operations with the Paris Agreement climate goals by July 1, 2023.

The bank said it currently expects to approve $50 billion in climate finance-related projects by 2030, a four-fold increase in annual climate finance commitments since it started publically reporting the number in 2019.

The news comes days before policymakers meet in Glasgow for the next round of global climate talks, with countries being urged to accelerate efforts to cap global warming amid concerns the world was some way from hitting its goals. 

"We are at a defining moment in history—one which calls for bold, fast and wide-ranging collective action if we are to limit global warming and protect our fragile planet," said Jin Liqun, President and Chair of the Board of Directors at AIIB.

"We think the way forward needs greater participation by the private sector on all fronts, so that we can collectively deliver on the promise of building an inclusive, equitable and sustainable future."

(Reporting by Simon Jessop Editing by Rachel Armstrong) ((simon.jessop@thomsonreuters.com; +44 (0) 207 542 5052; Reuters Messaging: Reuters Messaging: simon.jessop.thomsonreuters.com@reuters.net))


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