The Asian Infrastructure Investment Bank (AIIB) has been accredited as an International Access Entity (Accredited Entity) of the Green Climate Fund (GCF) at the 40th GCF Board meeting in Songdo, Incheon, Republic of Korea, Oct. 21-24.
The partnership is in line with AIIB’s Corporate Strategy and GCF’s reform agenda. It will enable both institutions to leverage their resources to more effectively support members in achieving their Nationally Determined Contributions targets for low emissions and climate-resilient development, a critical component of the Paris Agreement.
“AIIB’s top priority is to develop green infrastructure that facilitates climate transition and is resilient to climate change impacts in the coming decades,” said Sir Danny Alexander, AIIB Vice President for Policy and Strategy. “This partnership with GCF is a testament to our commitment to this mandate as outlined in our corporate strategy.”
With this accreditation, AIIB will gain access to GCF funds through a flexible combination of grants, concessional debt, guarantees and equity instruments. These will enable AIIB to leverage blended finance and attract private capital for climate action in developing members. As a GCF Accredited Entity, AIIB will continue to deepen its collaboration with other international, regional and national development finance institutions; equity funds; and UN agencies to develop high-quality, climate-focused projects.
Henry Gonzalez, Chief Investment Officer of the Green Climate Fund (GCF), welcomed the GCF Board's decision to approve the accreditation. “This partnership opens new and exciting opportunities for collaboration on scaled-up climate action that focuses on green and resilient infrastructure in various countries,” he said. “Both GCF and AIIB have a shared focus on innovative solutions that provide a pathway for a low-emission, climate-resilient pathway towards sustainable development.”
In 2023, AIIB’s climate finance reached 60% of total approved regular financing, an increase from 56% in 2022, surpassing the targets outlined in its corporate strategy. In terms of volume, its climate finance rose from USD 2.39 billion in 2022 to USD 3.43 billion in 2023.
About AIIB
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is Financing Infrastructure for Tomorrow in Asia and beyond – infrastructure with sustainability at its core. We began operations in Beijing in 2016 and have since grown to 110 approved members worldwide. We are capitalized at USD100 billion and AAA-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 GCF
The Green Climate Fund (GCF) – a critical element of the historic Paris Agreement – is the world’s largest climate fund, mandated to support developing countries raise and realize their Nationally Determined Contributions (NDC) ambitions towards low-emissions, climate-resilient pathways.
