The Asian Infrastructure Investment Bank (AIIB) has joined the Coalition for Climate Resilient Investment (CCRI), fostering a strategic partnership to apply climate-resilient solutions.
The CCRI, launched at the UN Climate Action Summit in 2019 as a private sector-led initiative, supports investors and policy makers to better understand and manage physical climate risks.
As a collaborative platform, the CCRI allows members to develop innovative and practical methodologies to advance climate resilience in infrastructure investments. The coalition includes governments, international organizations, technical institutions, ratings agencies and private financial institutions worldwide.
Green infrastructure is one of the multilateral development bank’s four thematic priorities as prescribed in its corporate strategy. It has committed to achieving at least 50% of its actual approved financing to be climate financing by 2025 and has projected US$50 billion in investments for climate finance by 2030.
“Cooperation with the CCRI will help the AIIB deepen its expertise in climate risk management and enable the bank to be part of a wide network of professional organizations that promote climate-resilient infrastructure investments,” says Danny Alexander, the AIIB’s vice-president for policy and strategy, speaking at COP27 in Sharm El-Sheikh, Egypt. “Maintaining true momentum on climate action requires the whole human society – across industries, continents and borders – to work together on impactful initiatives and projects.”
Also at COP27, Alexander announced that the bank is aiming to issue its first climate-resilience bond next year, with 100% of the underlying project pipeline targeting investments in climate-resilient infrastructure.