Brazil Vice President Visits AIIB to Expand Development Partnerships Ahead of COP30 – News – AIIB
Brazil Vice President Visits AIIB to Expand Development Partnerships Ahead of COP30 - News - AIIB Asian Infrastructure Investment Bank
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Asian Infrastructure Investment Bank (AIIB) and Brazil Vice President Collaborate to Accelerate Action Against Climate Change
June 7, 2024
Introduction
The Asian Infrastructure Investment Bank (AIIB) welcomed Brazil Vice President H.E. Geraldo Alckmin during a visit to the Bank on June 7, 2024. The purpose of the visit was to enhance collaborations and partnerships, with a particular focus on accelerating and scaling action against climate change.
Collaboration for Climate Action
Brazil, as the current President of the G20 and future host of COP30 in 2025, presented ambitious plans for galvanizing global action in response to the global climate emergency. This includes the establishment of the Task Force for the Global Mobilization against Climate Change. AIIB President Jin Liqun expressed the Bank’s commitment to supporting its Members in building resilient and sustainable infrastructure to mitigate the impact of natural disasters exacerbated by climate change. The deepening partnership between Brazil and AIIB was emphasized, highlighting their shared vision for sustainable development.
Funding for Climate Change Solutions
Vice President Alckmin emphasized the importance of access to funding, such as that facilitated by AIIB, in addressing climate change. He highlighted the significant progress made in Brazil, where wind and solar energy infrastructure has become the cheapest sources of energy. However, he stressed the need for increased funding to make currently expensive solutions more viable and competitive.
Expansion of Financing and Technical Support
In a panel discussion with AIIB staff, representatives from development partners, and the private sector, President Jin and Vice President Alckmin highlighted the alignment between Brazil’s vision and AIIB’s strategic focus on nature as infrastructure. They discussed medium-term plans to expand AIIB’s financing and technical support to Brazil’s physical, social, and digital infrastructure.
Support for Recovery Efforts
President Jin and Vice President Alckmin witnessed the signing of a memorandum of understanding indicating AIIB’s intention to support Brazil’s recovery efforts following catastrophic floods in the southern state of Rio Grande do Sul. This support aims to address the worst floods experienced in the region in over 80 years.
Collaboration with Brazilian Development Bank (BNDES)
AIIB and BNDES signed a Letter of Intent to facilitate collaboration in the design of the BNDES-AIIB Program for Green and Sustainable Infrastructure. This collaboration aims to deepen cooperation in financing sustainable development and promoting regional cooperation. The potential external loan resulting from this agreement will contribute to investments in green and sustainable infrastructure.
AIIB’s Support for G20 Agenda
President Jin reiterated AIIB’s support for Brazil’s call for “Bigger, Better, and most effective MDBs” in relation to the G20 agenda. He also briefed Vice President Alckmin on AIIB’s efforts, alongside other Multilateral Development Bank Heads, to advance joint and systemic action. President Jin expressed his interest in contributing AIIB’s experience and track record to important aspects of this agenda, such as mutual reliance on standards and lowering transaction costs for clients.
AIIB’s Presence in Brazil
Brazil is one of AIIB’s Founding Members. To date, AIIB has approved three projects amounting to USD350 million in the country.
About AIIB
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to finance the Infrastructure for Tomorrow, with sustainability at its core. Established in Beijing in January 2016, AIIB has grown to include 109 approved members worldwide. With a capitalization of USD100 billion and a Triple-A rating from major international credit rating agencies, AIIB collaborates with partners to meet clients’ needs by unlocking new capital and investing in green, technology-enabled infrastructure that promotes regional connectivity.
SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 7: Affordable and Clean Energy | 7.2: Increase substantially the share of renewable energy in the global energy mix | – The article mentions Brazil’s remarkable bounty of renewable energy resources, specifically wind and solar energy, which are now the cheapest energy sources in Brazil. This indicates progress towards increasing the share of renewable energy. |
| SDG 9: Industry, Innovation, and Infrastructure | 9.1: Develop quality, reliable, sustainable, and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being | – The article mentions AIIB’s commitment to supporting its members in building resilient and sustainable infrastructure to minimize the impact of natural disasters, which aligns with the target of developing sustainable infrastructure. |
| SDG 11: Sustainable Cities and Communities | 11.5: By 2030, significantly reduce the number of deaths and the number of people affected and substantially decrease the direct economic losses relative to global gross domestic product caused by disasters, including water-related disasters, with a focus on protecting the poor and people in vulnerable situations | – The article mentions AIIB’s commitment to supporting its members in building resilient infrastructure to minimize the human, social, and economic impact of natural disasters. This aligns with the target of reducing economic losses caused by disasters. |
| SDG 13: Climate Action | 13.1: Strengthen resilience and adaptive capacity to climate-related hazards and natural disasters in all countries | – The article highlights Brazil’s plans for galvanizing global action in response to the global climate emergency and AIIB’s commitment to supporting its members in building resilient infrastructure to minimize the impact of natural disasters worsened by climate change. This indicates progress towards strengthening resilience and adaptive capacity to climate-related hazards. |
| SDG 17: Partnerships for the Goals | 17.6: Enhance North-South, South-South, and triangular regional and international cooperation on and access to science, technology, and innovation and enhance knowledge sharing on mutually agreed terms, including through improved coordination among existing mechanisms | – The article mentions the collaboration between AIIB and the Brazilian Development Bank (BNDES) in the design of the BNDES-AIIB Program for Green and Sustainable Infrastructure. This indicates progress towards enhancing international cooperation and knowledge sharing. |
Source: aiib.org
