The New Development Bank (NDB) is participating in COP29 (29th Conference of the Parties to the United Nations Framework Convention on Climate Change, UNFCCC), hosted by the Republic of Azerbaijan in Baku.
NDB joins forces with fellow Multilateral Development Banks (MDBs) to promote climate action and finance. Being held under the theme In solidarity for a Green World, COP29 offers a crucial platform for MDBs to showcase their efforts in advancing climate action.
Over the second strategy cycle of 2022-2026, NDB will dedicate 40% of its total volume of approvals to projects contributing to climate change mitigation and adaptation, supporting member countries’ transition to a more sustainable development path.
Joint MDB Statement
Multilateral development banks (MDBs) issued a joint statement at COP29 in Baku outlining financial support and other measures for countries to achieve ambitious climate outcomes.
MDBs estimate that by 2030, their annual collective climate financing for low- and middle-income countries will reach USD 120 billion, including USD 42 billion for adaptation, and MDBs aim to mobilize USD 65 billion from the private sector.
Side Events
The event aims to explore the roles of green technology, financing mechanisms and capacity building in support of low-emission transition, and how key and diversified stakeholders could work together more effectively to realize low-emission transition in a just and sustainable manner.
The objective of this side event is to discuss the wide range of instruments available to crowd in private capital. DFI participants and other think tank organisations will share experiences and lessons on approaches they have adopted in their efforts to catalyse private capital. Deliberations will also focus on instruments used to mitigate the risks associated with EMDCs in relation to crowding in resources from private financiers.