BAKU, Azerbaijan, November 14. The Islamic Development Bank (IsDB) has approved more than $5.5 billion in climate finance from 2022, the President of the Islamic Development Bank Muhammad Sulaiman Al Jasser said during a roundtable discussion on "Driving Transformative Climate Action: Shifting the Focus from Financial Inputs to Impact and MDBs' Catalytic Effect," TurkicWorld reports.
"Since our last major announcement at COP27, the Islamic Development Bank has approved over $5.5 billion in critical climate finance, of which 47 percent has been allocated to adaptation, underscoring our commitment to climate resilience initiatives," said Al Jasser.
He also emphasized that the Islamic Development Bank will continue to leverage Islamic banking resources to combat climate change.
To note, the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) started in Baku on November 11. The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference in the climate system.
A total of 198 countries are Parties to the Convention. Unless the parties decide otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn.
The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) on climate finance. The COP29 chairmanship has launched 14 initiatives that include linkages between climate action and the Sustainable Development Goals, including green energy corridors, green energy storage, harmony for climate resilience, clean hydrogen, methane reduction in organic waste, action on green digital technologies, and other topics.
