The Caribbean Development Bank and 12 other international financial institutions (IFIs) are for the first time launching a joint video campaign, Investing for a Greener World, to showcase their role in facilitating climate change solutions, ahead of the United Nations Climate Change Conference 2022, (COP 27) scheduled for November 7 – 18, 2022 in Sharm el-Sheikh, Egypt.
The group of IFIs includes the African Development Bank (AfDB), 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 (IsDB), 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 the IFIs’ climate action work through the personal stories of beneficiaries, 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.
Cumulatively, they invest billions each year in climate change mitigation and adaptation programmes, providing a collective green response that is fast and transformative.
This adds crucial firepower to tackling global warming and extreme weather wherever it occurs. Their combined impact drastically cuts CO2 emissions, promotes awareness about climate solutions and benefits millions of people.
CDB President, 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 judicious utilisation of natural resources, environmental preservation and sustainable development, which means the benefits of today do not sacrifice the possibilities of tomorrow.”
As strong allies for low carbon pathways, the IFIs help the countries in which they invest to seize the economic and social opportunities presented by the transition to a greener world.
As investors and partners, they catalyse private sector mobilisation and facilitate policy reforms conducive to greener practices.
They also cooperate across regions to enable an exchange of knowledge and to deliver projects in response to the varied development needs of the economies in which they operate.
SOURCE: Caribbean Development Bank. Headline photo: Screen grab from video.