COP27: AIIB Takes Action to Further Promote Climate-Resilient Infrastructure Investments by joining CCRI
Sharm El-Sheikh, 14 November 2022 — The Asian Infrastructure Investment Bank (AIIB) announced at COP27 that it has joined the Coalition for Climate Resilient Investment (CCRI), fostering a strategic partnership to apply climate-resilient solutions.
Launched at the UN Climate Action Summit in 2019 as a private sector-led initiative, CCRI supports investors and policy makers to better understand and manage physical climate risks. As a collaborative platform, CCRI allows members to develop innovative and practical methodologies to advance climate resilience in infrastructure investments. The coalition includes governments, international organisations, technical institutions, ratings agencies and private financial institutions worldwide.
“Cooperation with CCRI will help AIIB deepen its expertise in climate risk management and enable the Bank to be part of a wide network of professional organisations that promote climate-resilient infrastructure investments. Maintaining true momentum on climate action requires the whole human society—across industries, continents and borders—to work together on impactful initiatives and projects. As a multilateral development bank established in the 21st century, AIIB is committed to financing Infrastructure for Tomorrow. We are delighted to further enhance our partnership with CCRI to finance a broader scale of climate-resilient infrastructures that benefit millions of people in Asia and beyond.
Danny Alexander, AIIB Vice President for Policy and Strategy
Meanwhile, CCRI Executive Director Carlos Sanchez said: “By bringing together industries and leaders across the finance and investment world, CCRI is pioneering solutions that are both innovative and practical to ensure infrastructure investments incorporate physical climate risks and advance climate resilience. We welcome multilateral partners like AIIB to join us and contribute its rich experience in climate financing for the benefit of our members.”
Green infrastructure is one of AIIB’s four thematic priorities as prescribed in its Corporate Strategy. AIIB has committed to achieving at least 50 percent of its actual approved financing to be climate financing by 2025 and has projected US$50 billion in investments for climate finance by 2030.
At a side event of COP27, Alexander announced that AIIB is aiming to issue its first climate resilience bond next year, with 100 percent of the underlying project pipeline targeting investments in climate-resilient infrastructure. The bond will be issued under AIIB’s Sustainable Development Bond Framework, which clearly outlines how AIIB is adhering to the principles set out in its Environmental and Social Framework that guides project selection, and how it is helping its members to meet their commitments under the Paris Agreement and the UN Sustainable Development Goals.
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 105 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 the Coalition for Climate
Coalition for Climate Resilient Investment is a broad-based, global coalition which aims to ‘mainstream’ climate risks in investment decision-making. It was launched formally at the UN Climate Action Summit in 2019 with the UK Government, the World Economic Forum and WTW spearheading the initiative.
The other convening institutions include the Global Commission on Adaptation and the World Resources Institute.
The Coalition currently comprises 123 institutions, including institutional investors, banks, rating agencies, engineering firms and insurance companies, representing US$25tn of financial assets. Learn more at www.resilientinvestment.org