GCA and AIIB Partner to Strengthen Climate Resilience in Infrastructure Projects
Baku, Azerbaijan, Nov. 14, 2024 (GLOBE NEWSWIRE) -- The Global Center on Adaptation (GCA) and the Asian Infrastructure Investment Bank (AIIB) have established a strategic partnership aimed at mainstreaming climate adaptation and resilience within infrastructure projects across Asia and Africa.
The partnership focuses on integrating climate risk assessments and resilience-building strategies into AIIB's infrastructure projects. It will leverage both organizations' strengths to bolster the resilience of critical infrastructure, ensuring that communities most vulnerable to climate impacts are better protected and prepared.
AIIB and GCA will work together on high-impact projects, offering technical support in sectors including urban development, transportation, energy, water and digital infrastructure. The agreement also emphasizes knowledge sharing, capacity building and joint engagement in key regional and global climate forums.
"Climate change is intensifying at a scale and pace that challenges the resilience of communities worldwide, with infrastructure damage alone costing developing countries up to $143 billion annually," said Professor Patrick Verkooijen, CEO of the Global Center on Adaptation. "Our partnership with AIIB marks a significant leap forward in addressing these risks. Together, we are not just constructing infrastructure; we are creating a climate-proof foundation that will safeguard essential services for millions across Asia and Africa. By embedding resilience at the core of these projects, we are empowering the most vulnerable populations to withstand and adapt to future climate shocks. The Global Center on Adaptation is committed to leveraging our expertise and resources to build infrastructure that is as resilient as the communities it serves, ensuring a sustainable and secure future for all."
"Our partnership with the Global Center on Adaptation marks a significant advancement in our efforts to mainstream climate adaptation within AIIB's investment framework," said Hun Kim, AIIB Acting Vice President, Investment Solutions Department. "By combining AIIB's investment capabilities with GCA's climate resilience expertise, we are fostering an ecosystem where sustainable, climate-resilient infrastructure is not just prioritized but realized. We are eager to advance our shared mission to protect communities and drive sustainable growth in regions most impacted by climate change."
This partnership reflects the shared commitment of AIIB and GCA to support vulnerable populations by fortifying infrastructure projects against climate risks. As both organizations continue to address the urgent need for climate resilience, this collaboration will be instrumental in creating infrastructure solutions that are sustainable, inclusive and resilient for generations to come.
About the Global Center on Adaptation
The Global Center on Adaptation (GCA) is an international organization that promotes adaptation to the impacts of climate change. It works to climate-proof development by instigating policy reforms and influencing investments made by international financial institutions and the private sector. The goal is to bring climate adaptation to the forefront of the global fight against climate change and ensure that it remains prominent.
Founded in 2018, GCA embodies innovation in its approach to climate adaptation as well as in its physical presence. It operates from the largest floating office in the world, in Rotterdam, the Netherlands. GCA has a worldwide network of regional offices in Abidjan, Côte d'Ivoire; Dhaka, Bangladesh; and Beijing, China. The Center will open a new office in Nairobi, Kenya in 2025.
About the Asian Infrastructure Investment Bank
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is Financing Infrastructure for Tomorrow in Asia and beyond--infrastructure with sustainability at its core. We began operations in Beijing in 2016 and have since grown to 110 approved members worldwide. We are capitalized at USD100 billion and AAA-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients' needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.
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