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Cop28: China-backed AIIB urges closer cooperation between private and public institutions to close climate funding gap
- Multilateral development banks are looking to scale up their climate-related financing and are also trying to mobilise the private sector, AIIB’s Danny Alexander says
- The AIIB’s priority is to support members to accelerate their roll-out of renewable and clean energy infrastructure, he says
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Global financial institutions must step up efforts to channel more investment towards projects that reduce greenhouse gas emissions and help vulnerable countries become more resilient to climate change, according to a senior official at Asian Infrastructure Investment Bank (AIIB).
The current level of funding by both public and private institutions for such projects falls well short of what is required, and low-carbon energy transition projects should be prioritised, said Danny Alexander, vice-president for policy and strategy at the China-backed multilateral development bank.
“We are way behind where we need to be,” he told the Post on Tuesday in an interview from Dubai, where the Cop28 global climate summit is taking place. He said all multilateral development banks are looking to scale up their own financing and they are also trying to mobilise the private sector.
“Our priority is to support our members to accelerate their roll-out of renewable and clean energy. That means a focus on industries like solar, wind, hydropower, [and] helping our members to upgrade their electricity grid and transmission infrastructure.”

Clean energy investment will need to account for more than 90 per cent of global energy investment by 2030, compared with 64 per cent this year, if the world is to achieve net-zero emissions by 2050 to contain global warming at 1.5 degrees Celsius, according to the International Energy Agency (IEA)’s projections in October.
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