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The Caribbean Development Bank and 12 other international financial institutions (IFIs) are launching a joint video campaign for the first time, Investing for a greener worldto showcase their role in facilitating solutions to climate change, ahead of the 2022 United Nations Climate Change Conference (COP 27) scheduled for 7-18 November 2022 in Sharm el-Sheikh, Egypt.
The IFI group includes the African Development Bank (ADB), Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), Black Sea Trade and Development Bank (BSTDB) , Council of Europe Development Bank (CEB), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Inter-American Development Bank (IDB), Islamic Development Bank (IDB), the New Development Bank (NDB), the Nordic Investment Bank (NIB) and the World Bank Group (WBG).
The joint video aims to raise awareness of the impact of IFIs’ climate action work through the personal stories of grantees, from Saint Lucia to the Philippines, Romania and Uganda.
Together, the participating institutions have a global reach, across Africa, Asia and the Pacific, Europe and the Americas.
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Cumulatively, they invest billions each year in climate change mitigation and adaptation programs, providing a collective green response that is rapid and transformative.
This adds crucial firepower to combat global warming and extreme weather wherever it occurs. Their combined impact significantly reduces CO2 emissions, promotes awareness of climate solutions and benefits millions of people.
CBD Chairman Dr. Hyginus “Gene” Leon said, “As each IFI serves a particular region or constituency, our combined impact adds up to a substantial green footprint across the globe enabling wise use of natural resources, environmental preservation and sustainable development, which means that today’s benefits don’t sacrifice tomorrow’s possibilities.”
As strong allies for low-carbon pathways, the IFIs help the countries in which they invest seize the economic and social opportunities presented by the transition to a greener world.
As investors and partners, they catalyze the mobilization of the private sector and facilitate policy reforms conducive to greener practices.
They also cooperate across regions to enable knowledge exchange and deliver projects in response to the diverse development needs of the economies in which they operate.
THE SOURCE: Caribbean Development Bank. Main photo: screenshot from the video.
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