BAKU, Azerbaijan, November 23. COP29, as well as previous COPs, provides an opportunity for MDBs, including the Asian Infrastructure Investment Bank (AIIB), to engage with a wide range of stakeholders regarding the work we’re doing in the climate space, said Seleha Lockwood, Senior Climate Strategy and Policy Specialist at AIIB in an interview with Trend.
"This COP, as well as previous COPs, provides an opportunity for MDBs, including the AIIB, to engage with a wide range of stakeholders regarding the work we’re doing in the climate space. It is also an opportunity for exchanging knowledge and for collaboration," she said.
Lockwood highlighted the release of a joint MDB statement at COP29, which outlined their accomplishments over the past year and outlined plans for the future. "This serves as a means of sharing information and demonstrating our openness to collaboration".
In 2023, MDBs achieved a milestone in climate finance, collectively mobilizing $125 billion. At COP29, they pledged to raise their annual climate finance contributions to $170 billion by 2030, including $120 billion for low- and middle-income countries and $50 billion for high-income nations.
"For MDBs, strengthening collaboration efforts at the country level is important as we help nations in formulating and operationalizing long-term climate strategies," Lockwood noted, emphasizing the value of targeted support in achieving sustainable development goals.
Lockwood also pointed to the importance of showcasing innovation and advancing new frameworks. "For this COP, MDBs presented a paper outlining our vision for supporting country-led platforms," she said. "We also worked throughout the year with other MDBs on a second paper, which introduces a common approach to results. This aims to go beyond merely reporting climate finance - a practice we will continue - to focus on outcomes and impact".