Asian Infrastructure Investment Bank's 2nd annual meeting kicked off on Friday morning in South Korea, with members throwing their support behind the Paris climate agreement.
South Korea's southern resort island of Jeju is hosting the gathering from Friday to Sunday. about 2,000 delegates from 77 countries and regions are attending to discuss sustainable infrastructure.
During one of the first sessions, AIIB President Jin Liqun and other speakers discussed how to meet environmental policy challenges, particularly the implementation of the Paris climate agreement, according to a summary.
The bank is proposing 22.6 trillion US dollars in infrastructure investments from 2016 to 2030. If adjusted to accounted for climate change mitigation and adaptation costs, the number can increase to 26 trillion US dollars.
"Given the challenges of upscaling infrastructure investments and at the same time meeting increased environmental commitments, sustainable infrastructure will be crucial in years to come" the summary read.
The second annual meeting is held on South Korea's southern resort island of Jeju from June 16 to 18 under the theme "Sustainable Infrastructure". /VCG Photo
AIIB's board expressed its support for the bank’s "Sustainable Energy for Asia Strategy" the day before the annual meeting to help its members' "transition toward a low-carbon future", according to a press release.
The bank set out the strategy as a framework for future investment in projects aiming to increase clean, safe and reliable electricity in Asia where one billion people currently lack access to secure and clean electricity in their households or at work.
To implement the strategy, the bank will support its members to "hold the increase in the global average temperature to well below 2 degrees Celsius above pre industrial levels and pursue efforts to limit the temperature increase to 1.5 degrees Celsius" as described in Paris climate agreement.
"Helping to build a sustainable future by reducing reliance on high-emission power supports our mission and green core value," said Joachim von Amsberg, vice president of Policy and Strategy at AIIB. "We believe this strategy will contribute to government and private sector efforts to provide millions of people in Asia with access to affordable and reliable energy for the first time."
