The Asian Infrastructure Investment Bank has announced that the multilateral development bank and the COP28 Presidency are collaborating to mobilize the much-needed climate investment capital and accelerate clean energy investments to address critical resource gaps in Asia and beyond.

Under the partnership, AIIB and the COP28 Presidency intend to co-develop innovative financial structures to scale up private and institutional capital mobilization. Among them is the initiation of a new blended finance structure as part of shared efforts to drive capital into green initiatives.

This is an important step forward for AIIB in advancing the 2030 Agenda for Sustainable Development and goals of the Paris Agreement, said AIIB President and Chair of the Board of Directors Jin Liqun.

"It reflects AIIB's firm commitment to work with all development partners in creating innovative approaches, unlocking additional capital and delivering value where most needed," Jin said.

Commenting on the partnership, COP28 President Sultan Al Jaber said: "By working together with AIIB, we can find solutions to unlock the necessary finance, attract private capital and support mitigation and adaptation initiatives to build a climate-resilient future."

By enhancing collaborations, both parties will continue to jointly advocate for improvements in the multilateral development finance architecture and stronger institutional collaboration through operational support and knowledge exchange.