SHARM EL SHEIKH, Today at COP27, the Asian Infrastructure Investment Bank (AIIB) and the Global Energy Alliance for People and Planet (GEAPP) announced a historic collaboration and strategic investment partnership mobilizing up to USD1 billion for the financing of green energy transition and renewable energy projects, in both the public and private sectors.
The announcement sees AIIB and GEAPP cooperating through a shared vision to address the energy transition challenges in Asia and beyond, through the identification of co-financing opportunities for projects and programs of common interest in grid-based renewables, distributed renewables, and fossil fuel transitioning areas. It follows extensive cooperation between AIIB and GEAPP over the past year and is the first time AIIB has partnered with a global philanthropic foundations-led initiative.
Building on AIIB’s track record of accelerating investment in Sustainable Infrastructure For Tomorrow, the partnership will enhance assistance in areas such as co-financing operations and private capital mobilization. The capital will be directed to those countries eligible to AIIB’s financing activities and that meet the multilateral development bank’s strategies and policies, while also being areas of GEAPP activity in alignment with and furtherance of GEAPP’s charitable objectives.
AIIB President Jin Liqun remarked upon the significance of the partnership and strengthened collaborative ties with GEAPP. President Jin noted, “Despite challenges last year, AIIB achieved a 48% climate finance share of total approvals in 2021. Through our timely collaboration, AIIB will continue striving to find new ways to provide our members with access to additional capital and resources. We highly anticipate a fruitful collaboration with fellow members of the platform and look forward to paving the way towards the greater, greener good.”
An exchange of Letters of Intent (LoI) was completed at a signing ceremony in Sharm El-Sheik. AIIB’s Vice-President of Policy and Strategy, Sir Danny Alexander, and GEAPP’s CEO, Simon Harford, signed the documentation and were joined by Jin Liqun, President of AIIB; Dr. Rajiv Shah, President of The Rockefeller Foundation; Per Heggenes, CEO of IKEA Foundation; and Dr. Andrew Steer, President and CEO of Bezos Earth Fund.
Simon Harford, CEO of GEAPP stated: “Last year, clean energy generation grew by 522 TWh, about a quarter of what is needed to end energy poverty. However, most of this generation occurred in developed countries.
“As a global MDB, AIIB has the capital, convening power and commitment to invest in innovative, clean energy projects across developing countries, which makes the Bank an ideal partner to join GEAPP. Together we will deliver transformational projects that accelerate and scale the energy transition for communities in Asia and beyond.”
Sir Danny Alexander, Vice-President of AIIB commented: “Our participation in GEAPP marks yet another step forwards for our Bank, in unlocking new resources through co-financing measures, to meet our ambitious climate targets and deliver value to those most in need. As a climate-driven, partnerships Bank, our joint work will be focused on project collaboration, and AIIB is delighted to join the alliance of GEAPP as an investment partner in financing a greener, more sustainable future.”
Source: Emirates News Agency