As the world grapples with climate change and other global crises, it is essential for nations to come together and forge a new contract that addresses these issues head-on. This week the Summit for a New Global Financing Pact provides a platform for dialogue and collaborative action. Under the leadership of French President Emmanuel Macron, the summit in Paris will emphasize concrete financial commitments and reforms of the global financial architecture.
As the multilateral development bank that was born amid the promise of the Paris Agreement, the Asian Infrastructure Investment Bank is ambitious in its efforts to collaborate with our peers and stakeholders to grow the MDB system’s contribution to global public goods. AIIB has set a target of reaching at least 50% climate finance share by 2025, cumulating to about $50 billion by the end of this decade. In 2022, we delivered about $2.4 billion in climate finance, or 56% of our total financing, reaching our climate finance goal three years early.
AIIB’s diverse, global membership is now 106 strong. Our lower-income and middle-income members in particular express a wide variety of needs in the face of a broad range of market conditions and fiscal challenges. As such, a differentiated approach to green infrastructure finance is a must. Climate change mitigation and adaptation, biodiversity and nature protection all require targeted, differentiated approaches to fill financing gaps, strengthen resilience and accelerate the net-zero transition.
About the author
Jin Liqun
Jin Liqun is the inaugural president and chair of the board of directors of the Asian Infrastructure Investment Bank. Previously, he served as secretary-general of the Multilateral Interim Secretariat tasked with establishing the bank. He previously served as ranking vice president of the Asian Development Bank and as alternate executive director for China at the World Bank and at the Global Environment Facility. Jin spent nearly two decades at the Chinese Ministry of Finance, including as vice minister.
