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‘China’s World Bank’ plans to triple climate change lending by 2030

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on The Financial Times or enjoy below

🗞️ Driving the News: The Asian Infrastructure Investment Bank (AIIB) is launching a “climate action plan,” marking a significant shift towards prioritizing climate finance, amid initial U.S. opposition and ensuing strategic modifications

🔭 The Context: Created as Beijing’s response to the World Bank, AIIB emphasizes its dedication to tackling climate change in Asia, in line with its 2020 commitment to end financing for coal-related projects
• The Asian Infrastructure Investment Bank (AIIB) is solidifying its global financial role amid past allegations of Chinese Communist Party influence

🌍 Why it Matters for the Planet: With Asia as the major emitter of greenhouse gasses, AIIB's refocus is crucial in the global climate battle as it emphasizes sustainable infrastructural adaptations and green projects, and a strong commitment to climate resilience and ecological balance

⏭️ What's Next: The AIIB’s multi-pronged approach involves collaborations with other lenders and a variety of investments in Asia
• The elevation of climate projects in the bank’s lending portfolio signifies a tangible push towards infrastructure resilience and environmental conservation

💬 One Quote: “The global fight against climate change will be won or lost in Asia” (Danny Alexander, vice-president for policy and strategy at the AIIB)

📈 One Stat: In the ongoing battle against climate change, the bank is co-financing projects with other multilateral lenders, building on its $4.4bn in funding for 20 such projects with the World Bank between 2021 and the end of August this year

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