A group of international financial institutions (IFIs) are for the first time launching a joint video campaign, Investing for a greener world, to showcase their role in facilitating climate change solutions, ahead of COP27.
The group of IFIs includes the African Development Bank (AfDB), Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), Black Sea Trade and Development Bank (BSTDB), Caribbean Development Bank (CDB), Council of Europe Development Bank (CEB), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Inter-American Development Bank (IDB), Islamic Development Bank (IsDB), New Development Bank (NDB), the Nordic Investment Bank (NIB) and the World Bank (WB).
The joint video aims to raise awareness of the impact of the IFIs’ climate action work through the personal stories of beneficiaries, from Saint Lucia to the Philippines, Romania and Uganda.
Together, the participating institutions have a global reach, across Africa, Asia and the Pacific, Europe and the Americas. Cumulatively, they invest billions each year in climate change mitigation and adaptation programs, providing a collective green response that is fast and transformative. This adds crucial firepower to tackling global warming and extreme weather wherever it occurs. Their combined impact drastically cuts CO2 emissions, promotes awareness about climate solutions and benefits millions of people.
As strong allies for low carbon pathways, the IFIs help the countries in which they invest to seize the economic and social opportunities presented by the transition to a greener world. As investors and partners, they catalyze private sector mobilization and facilitate policy reforms conducive to greener practices. They also cooperate across regions to enable an exchange of knowledge and to deliver projects in response to the varied development needs of the economies in which they operate.
The IMF is supporting this initiative within the context of its mandate to assist its member countries in addressing climate change to safeguard their macroeconomic and financial stability and promote economic growth.
IMF Managing Director Kristalina Georgieva said: “The devastating impact of global warming is already being felt around the world, so it’s vital that we step up efforts to cut emissions and boost resilience in vulnerable countries. We can only succeed in the fight against climate change through global cooperation, and the institutions of the international financial system have a vital role to play.”