The Asian Infrastructure Investment Bank (AIIB), in its annual financial report, has outlined a fund of USD 100 million for crisis-hit Sri Lanka.
The bank also pledged support for countries facing serious debt problems.
In addition, the AIIB is expected to announce a major support package for Pakistan at the upcoming COP summit following the country’s devastating floods.
Beijing-headquartered bank’s annual infrastructure finance report, published today (Oct. 27), lays out its stance for a difficult United Nations Climate Change COP 27 summit in Egypt next month.
It called for heavily-polluting state-owned firms to be rapidly turned into green energy “leaders”, putting special focus on China, India and Indonesia, noting that a global net-zero transition would not succeed without their cooperation.
The report called for pollution-cutting technologies to be shared globally and for countries to stop subsidising fossil fuels - something many have done this year as Russia’s invasion of Ukraine sent energy prices soaring - so that a “meaningful carbon price” can emerge and make investing in fossil fuels more costly.
-with inputs from Reuters
