AIIB and Bloomberg Philanthropies Partner to Advance Clean Energy Deployment in Asia
Beijing, China— The Asian Infrastructure Investment Bank (AIIB) and Bloomberg Philanthropies have joined forces to accelerate the adoption of clean energy and mobilize capital in Asia, in line with the Sustainable Development Goals (SDGs).
AIIB President and Chair of the Board of Directors, Jin Liqun, emphasized the importance of this partnership in addressing climate change. He stated, “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. By working together with Bloomberg Philanthropies, AIIB can unlock and mobilize additional capital through innovative approaches and financing tools that help deliver the UN’s 2030 Agenda.”
Michael R. Bloomberg, UN Secretary-General’s Special Envoy on Climate Ambition and Solutions and founder of Bloomberg LP and Bloomberg Philanthropies, highlighted the role of multilateral development banks in combating climate change. He said, “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. This new partnership will facilitate faster deployment of renewable energy projects, which will improve public health and generate economic growth. We look forward to working with AIIB and all our partners to increase clean energy access across Asia.”
Asia’s sustainable development is crucial for achieving the objectives of the Paris Agreement, as the region is a major contributor to global emissions. With regional energy demand projected to grow three percent annually until 2030, meeting this demand with clean energy is essential for meeting international climate goals. Partnerships are vital in overcoming barriers, filling resource gaps, and meeting climate financing needs to accelerate the transition from fossil fuels to renewable energy.
Partnership Objectives
In preparation for COP28 and the Global Stocktake, the partnership between AIIB and Bloomberg Philanthropies aims to leverage their financial and technical resources to mobilize capital for renewable energy adoption worldwide. The key areas of collaboration include:
- Project Preparation and Implementation: AIIB and Bloomberg Philanthropies will explore co-financing the preparation, development, and implementation of renewable energy projects in Asia. This will involve creating enabling environments, developing investable projects, collaborating with the private sector, and working with mutual partners such as the Energy Transition Accelerator Financing (ETAF) Platform.
- Innovative Finance Mechanisms: AIIB and Bloomberg Philanthropies will collaborate to develop blended finance structures that combine MDB balance sheets and philanthropic resources to mobilize large-scale private and institutional capital for green energy transition investments in Asia. This collaboration will involve mutual partners such as the Glasgow Financial Alliance for Net Zero (GFANZ) and the UAE COP28 Presidency.
- Knowledge Exchange & Collaboration: AIIB and Bloomberg Philanthropies will utilize their networks and platforms to promote best practices and showcase initiatives in areas of mutual interest. This includes scaling up climate finance, mobilizing private capital, and building capacity in developing countries to accelerate the transition to net-zero emissions.
This partnership aligns with Bloomberg Philanthropies’ ongoing efforts to move beyond coal and support clean energy programs in 32 countries and the EU. It also complements AIIB’s commitment to green initiatives, net-zero pathways, and the United Nations Secretary-General’s call for clean energy access for all by 2030.
About AIIB
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank focused on financing sustainable infrastructure projects. With 106 approved members worldwide, AIIB operates from Beijing and is capitalized at USD 100 billion. The bank collaborates with partners to unlock new capital and invest in green, technology-enabled infrastructure that promotes regional connectivity.
About Bloomberg Philanthropies
Bloomberg Philanthropies works in 700 cities and 150 countries to improve lives through various initiatives in the areas of Arts, Education, Environment, Government Innovation, and Public Health. The organization encompasses Michael R. Bloomberg’s foundation, corporate and personal philanthropy, as well as Bloomberg Associates, a pro bono consultancy that operates globally. In 2022, Bloomberg Philanthropies distributed USD 1.7 billion.
Media Contacts:
AIIB: media@aiib.org
Bloomberg Philanthropies: daphne@bloomberg.org
SDGs, Targets, and Indicators
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SDG 7: Affordable and Clean Energy
- Target 7.2: By 2030, increase substantially the share of renewable energy in the global energy mix.
The article highlights the need to massively expand clean energy globally and ensure that developing countries are not left behind in this race. It emphasizes the importance of clean energy deployment and capital mobilization to achieve the UN’s 2030 Agenda. This aligns with SDG 7, which aims to ensure access to affordable, reliable, sustainable, and modern energy for all. The specific target relevant to the article is Target 7.2, which focuses on increasing the share of renewable energy in the global energy mix.
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SDG 13: Climate Action
- Target 13.2: Integrate climate change measures into national policies, strategies, and planning.
- Target 13.3: Improve education, awareness-raising, and human and institutional capacity on climate change mitigation, adaptation, impact reduction, and early warning.
The article emphasizes the role of multilateral development banks in fighting climate change and unlocking capital for clean energy investments in developing countries. It mentions the partnership between AIIB and Bloomberg Philanthropies to mobilize capital for renewable energy projects worldwide. These efforts align with SDG 13, which aims to take urgent action to combat climate change and its impacts. The specific targets relevant to the article are Target 13.2, which focuses on integrating climate change measures into national policies and planning, and Target 13.3, which focuses on improving education and awareness on climate change.
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 7: Affordable and Clean Energy | Target 7.2: By 2030, increase substantially the share of renewable energy in the global energy mix. | No specific indicators mentioned in the article. |
| SDG 13: Climate Action | Target 13.2: Integrate climate change measures into national policies, strategies, and planning. | No specific indicators mentioned in the article. |
| SDG 13: Climate Action | Target 13.3: Improve education, awareness-raising, and human and institutional capacity on climate change mitigation, adaptation, impact reduction, and early warning. | No specific indicators mentioned in the article. |
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Source: bloomberg.org
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