AIIB and GEAPP Launch Asian Renewables Initiative worth $1-Billion

Power & Energy

The Asian Infrastructure Investment Bank (AIIB) and the Global Energy Alliance for People and Planet (GEAPP) have entered into a strategic investment partnership to provide financial help for green energy transition and renewable energy projects in both private and public industries.

The investment partnership also follows extensive cooperation between AIIB and GEAPP over the previous year, and is the first time AIIB has partnered with an initiative led by a global philanthropic foundation.

Both AIIP and GEAPP are partnering through a shared vision to address the challenges of energy transition in Asia and beyond, and the identification of several co-financing opportunities for programs and projects of common interest in distributed renewables, grid-based renewables, and transitioning areas of fossil fuels.

Mr. Jin Liqun, president of AIIP said that despite challenges, AIIB has achieved a climate finance share of 48 percent of total approvals in 2021, said AIIB president. Mr. Jin Liqun added that through this partnership, AIIB will continue striving to find new ways to provide their members with access to resources and additional capital.

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AIIB has the capital, commitment to invest in innovation, for convening power, the clean energy projects across developing countries that makes the bank an ideal partner to join GEAPP, said Mr. Simon Harford, CEO of GEAPP. Mr. Simon Harford added that together they can deliver transformational projects, which scale and accelerate the energy transition for communities in Asia and beyond.

Danny Alexander, vice-president of AIIB, said that their participation in GEAPP marks another step forward for their bank to meet their ambitious climate targets and deliver new value to the people most in need. Danny Alexander added that their joint work will be focused on the project partnership, and AIIB is happy to join GEAPP as an investment partner to finance a sustainable and green future.

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