AIIB, GCA Collaborate To Tackle Climate Risks With Sustainable Infrastructure Solutions

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 14. The Global Center on Adaptation (GCA) and the Asian Infrastructure Investment Bank (AIIB) have signed a Letter of Intent (LOI) to form a strategic partnership aimed at integrating climate adaptation and resilience into infrastructure projects across Asia and Africa on the sidelines of COP29 in Baku, Trend reports.

The agreement will focus on embedding climate risk assessments and resilience-building strategies into AIIB's infrastructure initiatives. By combining the strengths of both organizations, the partnership seeks to enhance the resilience of critical infrastructure and better protect communities that are most vulnerable to the impacts of climate change.

The partnership will focus on high-impact projects, offering technical support and exploring co-financing opportunities in sectors such as urban development, transportation, energy, water, and digital infrastructure. Additionally, the agreement emphasizes the importance of knowledge sharing, capacity building, and joint participation in key regional and global climate forums.

Professor Patrick Verkooijen, CEO of the Global Center on Adaptation, stressed the urgency of addressing the growing threats posed by climate change. "Climate change is intensifying at a scale and pace that challenges the resilience of communities worldwide," he said. "Infrastructure damage alone costs developing countries up to USD 143 billion annually. Our partnership with AIIB marks a significant leap forward in tackling these risks. Together, we are not just constructing infrastructure; we are building a climate-proof foundation that will safeguard essential services for millions across Asia and Africa."

Verkooijen further highlighted the importance of embedding resilience into infrastructure projects, ensuring that vulnerable populations are better prepared to withstand future climate shocks. "We are empowering the most vulnerable communities to adapt to and recover from climate challenges, ensuring a secure and sustainable future for all," he added.

Hun Kim, Acting Vice President of AIIB's Investment Solutions Department, emphasized the importance of the partnership in advancing AIIB's efforts to mainstream climate adaptation. "Our collaboration with GCA marks a significant advancement in our investment framework," Kim said. "By combining AIIB's investment expertise with GCA's climate resilience knowledge, we are creating an ecosystem where climate-resilient infrastructure is not just prioritized but actively realized. Our shared mission is to protect communities and foster sustainable growth in regions most affected by climate change."

The partnership between AIIB and GCA is a crucial step in supporting vulnerable communities by strengthening infrastructure projects against climate risks. As both organizations continue to tackle the urgent need for climate resilience, this collaboration is expected to play a pivotal role in creating sustainable, inclusive, and resilient infrastructure solutions for generations to come.

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