Multilateral Development Banks (MDBs) today announced a joint framework for aligning their activities with the goals of the Paris Agreement, reinforcing their commitment to combat climate change.
In a joint declaration, the MDBs committed to working together in six key areas considered central to meeting the goals of the Agreement, which aims to limit the increase in global temperatures to well below 2°C, pursuing efforts for 1.5°C.
The declaration was issued at the start of the 24th Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP24) in Katowice, Poland.
"The global development agenda is at a pivotal point," the joint declaration says. "There is international consensus on the urgent need to ensure that policy engagements and financial flows are consistent with a pathway towards low greenhouse gas emissions and climate-resilient development."
The MDBs and the International Development Finance Club (IDFC) had already pledged in December 2017 to align financial flows with the objectives of the Paris Agreement.
"To realise this vision, we are working together to develop a dedicated approach," the joint MDB declaration adds.
The MDBs plan to break their joint approach down into practical work on six core Paris Alignment areas-the building blocks-including: aligning their operations against mitigation and climate-resilience goals; ramping up climate finance; capacity building support for countries and other clients; plus an emphasis on climate reporting.
This approach builds on the on-going MDB contribution to climate finance, which, in 2017, amounted to US$ 35 billion to tackle climate change in developing and emerging economies, mobilising an additional US$ 52 billion from private and public sector sources.
The MDBs will report back to next year’s COP25 gathering on their progress under the six building blocks.
The nine MDBs are: The African Development Bank Group, the Asian Development Bank, the Asian Infrastructure Investment Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank Group, the Islamic Development Bank, the New Development Bank, and the World Bank Group (World Bank, IFC, MIGA).
Kuala Lumpur, April 18, 2025
AIIB, ADB and AIF Strengthen Collaboration on ASEAN Infrastructure Initiatives
AIIB, the Asian Development Bank (ADB) and the ASEAN Infrastructure Fund (AIF) have signed a letter of intent (LOI) to enhance collaboration on ASEAN-related infrastructure initiatives, reaffirming the three institutions’ commitment to jointly supporting sustainable and resilient infrastructure development in the region.
READ MOREBeijing, April 16, 2025
AIIB Appoints Ajay Pandey as Vice President of Investment Solutions
The Asian Infrastructure Investment Bank (AIIB) today announced the appointment of Ajay Bhushan Pandey as Vice President of Investment Solutions, effective April 2025. In this role, Pandey provides strategic leadership and oversees three key departments: the Sectors, Themes and Finance Solutions Department (STF); the Sustainability and Fiduciary Solutions Department (SFD); and the Portfolio Management Department (PMD).
READ MOREKunming, China, April 08, 2025
AIIB Board Visits Kunming Ahead of 2025 Annual Meeting
On March 23 to 25, a delegation from the Asian Infrastructure Investment Bank (AIIB) Board of Directors visited the historic city of Kunming, Yunnan Province, where the inaugural chief negotiators’ meeting for establishing AIIB was held in 2014.
READ MOREBeijing, April 01, 2025
AIIB Statement on Myanmar and Thailand Earthquake
The Asian Infrastructure Investment Bank (AIIB) expresses its sincere condolences to all those affected by the recent earthquake in Myanmar and Thailand.
READ MORE