The Asian Infrastructure Investment Bank (AIIB) and the Global Energy Alliance for People and Planet (GEAPP) have entered into a historic collaboration and strategic investment partnership mobilizing up to $1 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.
Further, 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.
AIIB President Mr. Jin Liqun said that, “Despite challenges last year, AIIB achieved a 48 percent 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.”
On his part, Mr. Simon Harford, CEO of GEAPP stated that, “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.”
“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,” commented Sir Danny Alexander, Vice-President of AIIB.