Asian Infrastructure Investment Bank (AIIB) and the Global Energy Alliance for People and Planet (GEAPP) have agreed to mobilise up to $1bn for the financing of renewables projects.
The announcement sees AIIB and GEAPP cooperating through a “shared vision” to address the energy transition challenges in Asia and beyond, through the identification of co-financing opportunities for projects and programmes of common interest in grid-based renewables, distributed renewables, and fossil fuel transitioning areas.
It follows extensive cooperation between AIIB and GEAPP over the past year and is the first time AIIB has partnered with a global philanthropic foundations-led initiative.
The partnership will enhance assistance in areas such as co-financing operations and private capital mobilisation.
The capital will be directed to those countries eligible to AIIB’s financing activities and that meet the multilateral development bank’s strategies and policies, while also being areas of GEAPP activity in alignment with and furtherance of GEAPP’s charitable objectives.