AIIB Accredited: Asian Infrastructure Investment Bank Joins Green Climate Fund as International Access Entity

The Asian Infrastructure Investment Bank (AIIB) has officially been accredited as an International Access Entity of the Green Climate Fund (GCF) during the GCF’s 40th Board meeting held in Songdo, Incheon, Republic of Korea, from October 21 to 24.

This strategic partnership aligns with both AIIB’s Corporate Strategy and GCF’s reform agenda, enabling the two institutions to combine resources more effectively to assist member countries in achieving their Nationally Determined Contributions (NDCs) for low-emission and climate-resilient development—a vital aspect of the Paris Agreement.

“AIIB’s top priority is to develop green infrastructure that facilitates climate transition and is resilient to climate change impacts in the coming decades,” stated Sir Danny Alexander, AIIB Vice President for Policy and Strategy. “This partnership with GCF is a testament to our commitment to this mandate as outlined in our corporate strategy.”

With the new accreditation, AIIB will gain access to GCF funds, utilizing a flexible mix of grants, concessional debt, guarantees, and equity instruments. This will allow AIIB to leverage blended finance and attract private capital for climate initiatives in developing member countries. AIIB also plans to enhance collaboration with other international, regional, and national development finance institutions, equity funds, and UN agencies to develop high-quality, climate-focused projects.

Henry Gonzalez, Chief Investment Officer of the Green Climate Fund, expressed enthusiasm about the accreditation, stating, “This partnership opens new and exciting opportunities for collaboration on scaled-up climate action that focuses on green and resilient infrastructure in various countries. Both GCF and AIIB have a shared focus on innovative solutions that provide a pathway for a low-emission, climate-resilient future towards sustainable development.”

In 2023, AIIB’s climate finance constituted 60% of its total approved regular financing, up from 56% in 2022, exceeding targets outlined in its corporate strategy. The volume of climate finance rose from USD 2.39 billion in 2022 to USD 3.43 billion in 2023, demonstrating a strong commitment to addressing climate challenges.