Brazilian Vice President visits AIIB to expand development partnerships ahead of COP30

Asian Infrastructure Investment Bank (AIIB) President Jin Liqun welcomed Brazilian Vice President HE Geraldo Alckmin during a visit to the Bank on June 7, 2024. The two leaders pledged to enhance collaborations and partnerships, in particular to accelerate and scale up action against climate change.

Brazil holds the G20 Presidency and will host COP30 in 2025 in Belém. Vice President Alckmin outlined ambitious plans to galvanize global action in response to the global climate emergency, including through the Global Climate Change Mobilization Task Force.

“The AIIB is committed to supporting its members in building resilient and sustainable infrastructure that helps minimize the human, social and economic impact of natural disasters, which climate change aggravates and makes more frequent,” said President Jin. .

«The enthusiasm for deepening the partnership between Brazil and the AIIB is palpable. Like the extraordinary abundance of renewable energy resources that power Brazil, there is much more potential for growth among us. “Both Brazil and the AIIB are united in our vision of sustainable development.”

The AIIB and the ESM strengthen their cooperation to address global challenges

“To address climate change, I would like to highlight how key it is to have access to financing like that provided by the AIIB,” said Vice President Alckmin. «Before, wind and solar energy infrastructure was expensive. Today, both are the cheapest energy sources in Brazil. “We need to increase funding to make currently expensive solutions more viable and competitive, thus helping the planet.”

In a roundtable with AIIB staff and representatives from bilateral and multilateral development partners and the private sector, President Jin and Vice President Alckmin highlighted the strong alignment between Brazil’s vision and the AIIB’s strategic focus on nature as infrastructure . They highlighted medium-term plans to expand AIIB financing and technical support to Brazil’s physical, social and digital infrastructures.

President Jin and Vice President Alckmin also witnessed the signing of a memorandum of understanding indicating the AIIB’s intention to support Brazil’s recovery efforts following the catastrophic floods that hit the southern state of Rio Grande do Sul, the worst in more than 80 years.

The AIIB is committed to supporting its members in building resilient and sustainable infrastructure

In addition, the National Bank for Economic and Social Development (BNDES) and the AIIB signed a Letter of Intent to facilitate collaboration between both institutions in the design of the BNDES-AIIB Program for Green and Sustainable Infrastructures. The potential external loan derived from the agreement will contribute to deepening cooperation in the areas of financing sustainable development and promoting regional cooperation, with the aim of supporting investments in green and sustainable infrastructure.

Regarding the G20 agenda, AIIB President Jin reiterated his support for Brazil’s call for “bigger, better and more effective MDBs,” and briefed Brazilian Vice President Alckmin on the work he is doing together with the rest of the BMD Heads, to advance joint and systemic action. In particular, President Jin noted his strong interest in bringing the AIIB’s experience and track record to bear on important aspects of this agenda, such as mutual trust in standards and reducing transaction costs for customers.