The Asian Infrastructure Investment Bank (AIIB) and Bloomberg Philanthropies have announced a new collaboration aiming to boost clean energy deployment across Asia.   

In a statement, both the investment bank and the global philanthropy arm of Michael Bloomberg say partnerships are crucial to “reducing barriers, filling resource gaps and meeting climate financing needs to accelerate the transition from fossil fuels to renewable energy”.  

The partnership is announced in the context of the upcoming COP28, where European Union countries are preparing to push for a global deal on phasing out fossil fuels. 

Regional energy demand is set to grow three per cent a year until 2030, all while balancing international climate goals.   

“This is the crucial decade for climate action. We must massively expand clean energy globally, and developing countries cannot be left behind in this race,” said Jin Liqun, AIIB president and chair of the board of directors.  

“By working together with Bloomberg Philanthropies, AIIB can unlock and mobilise additional capital through innovative approaches and financing tools that help deliver the UN’s 2030 Agenda.”  

“Multilateral development banks play a critical role in fighting climate change, especially when it comes to unlocking capital for clean energy investments in developing countries,” said Michael Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies. he is also the UN Secretary-General’s Special Envoy on Climate Ambition and Solutions. 

AIIB and Bloomberg Philanthropies say they will explore deploying resources to co-finance the preparation, development and implementation of renewable energy projects in Asia. They hope that this, in turn, can create collaboration with the private sector and via through mutual partners, such as the Energy Transition Accelerator Financing (ETAF) Platform.  

Mutual partners also include such as Glasgow Financial Alliance for Net Zero and the UAE COP28 Presidency.  

The hosts of this year’s COP28 UN climate summit, United Arab Emirates, have come under fire for setting out “insufficient” plans to tackle its own contribution to climate change.

The Climate Action Tracker research consortium, an independent research group, says increased consumption by the UAE goes at odds with curbing its emissions.

Shafi Musaddique is a news editor at Alliance magazine.