Investing in Climate Action

AIIB participated in COP29 in Baku, Azerbaijan with a 29-member delegation from 10 departments led by President Jin. Under the Presidency’s theme “In Solidarity for a Green World,” the Bank advanced its climate mandate through 13 high-level and 22 technical engagements. These included a UNFCCC side event on integrating health, air quality, climate, and nature into infrastructure finance, as well as four AIIB-led sessions at the Joint MDB Pavilion on planetary health, innovative climate financing partnerships, independent evaluation, and scaling adaptation. Senior management also held targeted bilateral meetings with national authorities and institutional partners to advance country-led initiatives and project pipeline development.

Substantive outcomes were achieved. AIIB contributed to the Joint MDB Statement on Climate Finance, which projects by 2030 an annual collective USD120 billion for low- and middle-income countries – including USD42 billion for adaptation – and aims to mobilize USD65 billion from the private sector. The Bank also endorsed three COP29 Presidency declarations: the Baku Initiative on Human Development for Climate Resilience; the Green Energy Pledge on Green Energy Zones and Corridors; and COP29 Green Digital Action. In addition, the Bank aligned on a COP29-to-COP30 roadmap to sustain momentum on country platforms, harmonized metrics, and private-capital mobilization.

AIIB further strengthened partnerships and delivered concrete financing steps. The Bank renewed its MOU with the Asian Development Bank, signed a Letter of Intent with the Global Center on Adaptation, and advanced project-level agreements with Masdar and two Azerbaijan projects. Together with ADB and the European Bank for Reconstruction and Development, AIIB signed finance documents for the 760 MW Banka and Bilasuvar solar PV plants, sponsored by Masdar and SOCAR Green. These projects are expected to avoid approximately 725,000 tonnes of CO₂ annually and triple Azerbaijan’s solar capacity.

Through these engagements, AIIB reinforced its multilateral role and operational focus on scalable, country-driven climate solutions in Asia and beyond.

AIIB participated in COP28 in Dubai to advance its climate mandate and strengthen its multilateral engagement. The Bank’s presence was anchored by its first standalone pavilion in the MDB Blue Zone and supported by a 48-member, 11-department delegation. Through 28 AIIB-hosted sessions, including five flagship events, and joint programming with partners such as the United Nations Development Programme (UNDP), the OPEC Fund for International Development, the International Union for Conservation of Nature and GEAPP, AIIB showcased its Climate Action Plan, Asian Infrastructure Finance research, and initiatives on Infratech, mitigation and adaptation, capital markets and urban resilience. Senior leadership also contributed to COP28 and UNFCCC platforms alongside peer MDBs, reinforcing AIIB’s commitment to country-led approaches and enhanced MDB coordination.

COP28 delivered concrete institutional outcomes. AIIB formalized cooperation through memoranda and letters with the Food and Agriculture Organization, UNDP, the United Nations Industrial Development Organization, FONPLATA, the OPEC Fund, ADGM and the United Nations Department of Safety and Security; strengthened collaboration on country-sector platforms; and contributed to joint MDB initiatives on ISSB-aligned sustainability disclosure and tracking nature-positive finance. These engagements underscore AIIB’s continued focus on scaling climate finance across Asia and beyond and its alignment of all financing operations with the Paris Agreement since July 1, 2023.

AIIB participated in COP27 in Sharm el-Sheikh, Egypt with a focused delegation that engaged governments, peer multilateral development banks (MDBs), private sector leaders, and international institutions across high-level events and technical sessions. The Bank advanced core messages on mobilizing finance and technology to address climate change, and on scaling adaptation and resilience, including via capital markets, through AIIB-led events and contributions to platforms on green hydrogen, smart connectivity, debt and renewable energy, Paris alignment, net zero, and the United Nations Framework Convention on Climate Change (UNFCCC) Global Innovation Hub.

AIIB paired its messages with concrete actions and commitments. The Bank announced a 2023 resilience bond and expressed interest in implementing climate-resilient debt clauses; joined strategic partnerships such as the Global Energy Alliance for People and Planet (GEAPP) and Energy Transition Accelerator Financing Platform; and engaged initiatives including the Coalition for Climate Resilient Investment to enhance climate-risk pricing and catalyze adaptation finance. These steps reinforced AIIB’s progress toward Paris alignment, expanded climate finance, and strengthened private-capital mobilization through innovative structures and partnerships.

Negotiations in parallel culminated in the Sharm el-Sheikh Implementation Plan, which included agreement to establish funding arrangements for loss and damage. The cover decision also called on MDBs and international financial institutions to reform their practices, scale and align funding, and expand the use of grants, guarantees, and non-debt instruments to enhance ambition – particularly through private-capital mobilization and more effective use of concessional and risk capital. It further invited support for the UN’s Early Warnings for All initiative.

For AIIB, these outcomes underscore the mandate to deepen Paris alignment, increase climate finance, diversify financial instruments, and strengthen country-driven resilience solutions.

AIIB participated in COP26 in Glasgow, marking the Bank’s first official attendance at the Conference of the Parties. A delegation led by former Vice President Danny Alexander engaged with peer multilateral development banks, government stakeholders, and private-sector partners to communicate the Bank’s green credentials and its vision for supporting clients in the transition to a low-carbon economy.

The Bank showcased its initiatives aimed at accelerating the transition to low-carbon economies, including investments in renewable energy and climate-resilient infrastructure. AIIB also highlighted its collaboration with international partners to catalyze private capital and enhance the effectiveness of climate action.

AIIB anchored its presence with a historic institutional commitment: the Bank announced it would align all new financing operations with the goals of the Paris Agreement by July 1, 2023. This milestone reinforced the Bank’s targets to achieve a 50% share of climate finance in actual financing approvals by 2025, and to reach cumulative climate finance approvals of USD50 billion by 2030.