Isdb Talks On Commitments To Increased Climate Financing
Date
1/18/2025 1:21:20 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, January 18. Under the joint
statement issued at COP29, the IsDB committed several specific
actions to support ambitious climate outcomes, Chairman of the
Islamic Development bank (IsDB) Group Dr. Muhammad Sulaiman Al
Jasser said in an exclusive interview with Trend .
The IsDB Group chairman noted that indeed, the Multilateral
Development Banks (MDBs) announced projections for their
contributions to climate action as US$ 170 billion per year by
2030, with US$ 120 for low- and middle-income countries.
"Under the joint statement issued at COP29, the IsDB committed
several specific actions to support ambitious climate outcomes. At
IsDB Group we set an ambitious target to allocate 35% of our total
commitment to climate finance by 2025, with a significant portion
dedicated to adaptation and resilience. In 2023, 46% of the Bank's
total approvals were directed towards climate action, demonstrating
a robust and increased ambitious commitment to low carbon and
climate resilient initiatives. We fully aligned our sovereign
operations with the objectives of the Paris Agreement, ensuring
that our financial flows support low-carbon and climate-resilient
development pathways," Al Jasser said.
He pointed out that for Innovative Financial Instrument through
Islamic Finance Capital Market IsDB will continue to leverage its
Sustainable Finance Framework to issue green and sustainable Sukuk,
mobilizing resources for climate-friendly projects.
"We will enhance our efforts to provide technical assistance and
build the capacity of our member countries to develop and implement
effective climate action plans. We will moreover strengthen our
partnerships and collaboration with other MDBs, international
organizations, and the private sector players to mobilize
additional resources and expertise for climate action. These
commitments reflect our dedication to driving meaningful and
transformative change in member countries, supporting their efforts
to achieve sustainable development and resilience in the face of
climate change," added the IsDB Group chairman.
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