MDBs certain on new financing principles with Paris Agreement targets

The collection of technical papers showcases their strategies and plans correlating to the Paris Agreement.

Multilateral development banks (MDBs), such as the Asian Infrastructure Investment Bank (AIIB), unveiled the joint principles outlining their commitment to align new financing with the goals of the Paris Agreement. 

This marks the culmination of five years of collaborative efforts to establish a unified approach.

The principles are the result of ongoing work by MDBs since the signing of the Paris Agreement back in 2017.

These technical papers reflect extensive collaborative efforts and offer guidelines on how MDBs should structure their new financing operations to align with the climate goals of the Paris Agreement. The MDBs aim to expedite and facilitate a successful transition to a future characterized by low-carbon emissions and climate resilience. 

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This involves assisting clients in developing appropriate short-term and long-term development strategies in line with the Paris Agreement's objectives while aligning financial flows accordingly.

These banks stated their commitment to continue their efforts through the publication of the “Joint MDB Paris Alignment Methodological Principles”.

The African Development Bank, Asian Development Bank, Asian Infrastructure Investment Bank, Council of Europe Development Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank Group, Islamic Development Bank, New Development Bank, and the World Bank Group collaborated to release the joint methodological principles.