Multilateral development banks (MDBs), including the Asian Infrastructure Investment Bank (AIIB) and the Asian Development Bank (ADB), announced on Monday a joint framework for reinforcing their commitment to combating climate change.
In a two-paged 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 Celsius degree, pursuing efforts for 1.5 Celesius degree.
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 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.
Aside from AIIB and ADB, the other MDBs include the African Development Bank Group, 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.