Multilateral Development Banks announce joint action on climate, development

BEIJING, Dec. 7 (Xinhua) -- Multilateral Development Banks (MDBs) such as the Asian Infrastructure Investment Bank (AIIB), the African Development Bank and the Asian Development Bank have announced urgent actions in response to climate change.

In a joint statement, the MDBs presented concrete and urgent actions to expand the scale of financing, improve measurement methods for climate outcomes, strengthen collaboration at the national level, enhance joint financing and mobilize private-sector participation. The announcement was made during the ongoing 28th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) in Dubai.

"Recognising the interlinkages between the triple planetary crises of climate, nature, and pollution, achieving the Sustainable Development Goals, the goals of the Paris Agreement and the Kunming-Montreal Global Biodiversity Framework requires all of us to step up our efforts with urgency and scale," the statement said.

"Nature is the most essential form of infrastructure on this planet. Protecting biodiversity is essential in humanity's fight against climate change," said Jin Liqun, AIIB president and chair of the Board of Directors. "Just as biodiversity is strengthened through symbiotic cooperation, AIIB is working together with our peers to provide tailored, country-driven solutions that support our members' sustainable development in the face of mounting global challenges."

In 2022, MDBs committed a combined 61 billion U.S. dollars of climate financing for low and middle-income economies, up 18 percent from 2021, according to the joint statement.