AIIB, UAE COP28 presidency partnership to accelerate energy transition

BEIJING, Oct. 28 (Xinhua) -- The Asian Infrastructure Investment Bank (AIIB) is collaborating with the United Arab Emirates (UAE), which holds the presidency of the 28th session of the Conference of the Parties (COP28) to the UN Framework Convention on Climate Change, to mobilize climate investment funds and accelerate clean energy investments.

Under the partnership, the AIIB and the COP28 Presidency will co-develop innovative financial structures to scale up private and institutional capital mobilization.

The two sides will also continue to advocate for improvements to the multilateral development finance architecture and strengthened institutional collaboration through operational support and knowledge exchanges.

Commenting on the collaboration, AIIB President Jin Liqun said the move is an important step forward for the bank in advancing the 2030 agenda and the goals of the Paris Agreement.

It reflects the AIIB's firm commitment to working with all development partners in creating innovative approaches, unlocking additional capital and delivering value where most needed, Jin said.

With the partnership, both parties will be able to find solutions to unlock necessary finance, attract private capital, and support mitigation and adaptation initiatives to build a climate-resilient future, according to COP28 President-Designate Sultan Al Jaber.