BEIJING, Aug. 30, 2023 /PRNewswire/ -- The Asian Infrastructure Investment Bank (AIIB) and Bloomberg Philanthropies will work together to increase the pace and scale of clean energy deployment and capital mobilization across Asia.
"This is the crucial decade for climate action. We must massively expand clean energy globally, and developing countries cannot be left behind in this race," said Jin Liqun, AIIB President and Chair of the Board of Directors. "By working together with Bloomberg Philanthropies, AIIB can unlock and mobilize additional capital through innovative approaches and financing tools that help deliver the UN's 2030 Agenda."
"Multilateral development banks play a critical role in fighting climate change, especially when it comes to unlocking capital for clean energy investments in developing countries," said Michael R. Bloomberg, UN Secretary-General's Special Envoy on Climate Ambition and Solutions and founder of Bloomberg LP and Bloomberg Philanthropies. "This new partnership will facilitate faster deployment of renewable energy projects, which will improve public health and generate economic growth. We look forward to working with AIIB and all our partners to increase clean energy access across Asia."
As a major contributor to global emissions, Asia's sustainable development is crucial for achieving the Paris Agreement objectives. With regional energy demand set to grow three percent a year until 2030 ensuring this demand is met with clean energy will be critical to meeting international climate goals. Partnerships are crucial to reducing barriers, filling resource gaps and meeting climate financing needs to accelerate the transition from fossil fuels to renewable energy.
In the leadup to COP28 and the Global Stocktake, the partnership between AIIB and Bloomberg Philanthropies seeks to leverage their financial and technical resources to mobilize capital to advance the adoption of renewable energy worldwide. AIIB and Bloomberg Philanthropies will work together to support:
- Project Preparation and Implementation: AIIB and Bloomberg Philanthropies will explore deploying resources to co-finance the preparation, development and implementation of renewable energy projects in Asia by helping create enabling environments, developing investable projects, collaborating with the private sector and collaborating through mutual partners such as the Energy Transition Accelerator Financing (ETAF) Platform.
- Innovative Finance Mechanisms: AIIB and Bloomberg Philanthropies will work together to co-develop blended finance structures that leverage MDB balance sheets and philanthropic resources to mobilize large-scale private and institutional capital into green energy transition investments in Asia, in collaboration with mutual partners such as Glasgow Financial Alliance for Net Zero (GFANZ) and the UAE COP28 Presidency.
- Knowledge Exchange & Collaboration: AIIB and Bloomberg Philanthropies will leverage their unique networks and platforms to promote best practices and showcase initiatives across mutual areas of work, including the global call on MDBs to scale up climate finance, mobilize private capital and scale up capacity in developing countries to accelerate the net zero transition.
The partnership complements both organizations' ongoing work to support green initiatives across regions, develop viable pathways to net-zero and accelerate deployment of renewable energy to deliver on United Nations Secretary-General António Guterres' call to secure clean energy access for all by 2030.
About AIIB
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is financing the Infrastructure for Tomorrow—infrastructure with sustainability at its core. We began operations in Beijing in January 2016 and have since grown to 106 approved members worldwide. We are capitalized at USD100 billion and Triple-A-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients' needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.
About Bloomberg Philanthropies
Bloomberg Philanthropies invests in 700 cities and 150 countries around the world to ensure better, longer lives for the greatest number of people. The organization focuses on five key areas for creating lasting change: the Arts, Education, Environment, Government Innovation, and Public Health. Bloomberg Philanthropies encompasses all of Michael R. Bloomberg's giving, including his foundation, corporate, and personal philanthropy as well as Bloomberg Associates, a pro bono consultancy that works in cities around the world. In 2022, Bloomberg Philanthropies distributed US$ 1.7 billion. For more information, please visit bloomberg.org, sign up for our newsletter, or follow us on Facebook, Instagram, YouTube, Twitter, and LinkedIn.
