Photo from AIIB.

The Asian Infrastructure Investment Bank (AIIB) and the Global Energy Alliance for People and Plant (GEAPP) entered a $1b strategic investment partnership to fund green energy transition and renewable energy projects in the public and private sectors.

In a statement, the AIIB said the partnership would identify co-financing opportunities for projects and programmes of common interest in grid-based and distributed renewables, and energy transitioning areas.

The bank added that the capital would be directed to countries eligible for AIIB’s financing activities and meet its strategies and policies, an area of GEAPP activity.

AIIB President Jin Liqun said the bank achieved a 48% climate finance share of total approvals in 2021.

“Through our timely collaboration, AIIB will continue striving to find new ways to provide our growing community of Members with access to additional capital and resources. We highly anticipate a fruitful collaboration with GEAPP and look forward to paving the way toward the greater, greener good,” Liqun said.