A pivotal moment on climate action is upon us! The Islamic Development Bank (IsDB) Group is set to participate at the 29^th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29), scheduled from 11 to 22 November 2024 in Baku, Azerbaijan. This event marks a significant opportunity for the IsDB Group to demonstrate its steadfast dedication to global climate initiatives through active engagement and participation for the COP29 Presidency Initiatives and it clients and member countries.

IsDB Group Pavilion Location at COP29

Blue Zone, Baku Stadium

Why IsDB Group at COP29 Matters

COP29 represents a critical juncture for global climate efforts, particularly in the realm of financing climate action, providing a significant opportunity for the IsDB Group to highlight its role in broader sustainable development process in member countries. As the supreme decision-making body on climate change convenes, the IsDB Group aligns its extensive expertise and resources with the COP's mission to address climate and development challenges in accordance with the needs and circumstances of its clients and member countries.

As a prominent multilateral development bank from the global south, the IsDB aims to explore the synergies between climate goals and other development objectives by highlighting how it integrating its climate support and initiatives into the core of poverty eradication, community resilience, gender responsiveness, intergenerational equity, economic productivity, job creation, reduced health and energy costs, and other socio-economic development goals.

IsDB Group's Climate Commitments

At the heart of IsDB Group's participation is its continuous dedication to provide, mobilise and leverage increase climate finance resources and technical assistance for capacity enhancement for its clients and member countries. The Bank encourages and supports climate ambition, with a bold 5-Year Climate Action Plan targeting a 35% commitment to climate finance by 2025. In 2023, 46% of the Bank's total approvals were directed towards climate action, demonstrating a robust and increased ambitious commitment to low carbon and climate resilient initiatives. In addition, the have also undertaken measures to align all its sovereign operations with the Paris Agreement starting from January 2024.

Ramping up Investment in Adaptation and Resilience

Recognising the urgency of climate adaptation, IsDB Group continues to intensify its efforts based on the needs of its member countries to build societal resilience against climate shocks and disturbances. A significant 65% of its 2022 commitments were dedicated to climate adaptation across various sectors, with an average of 42% over 2021 to 2023. The Bank addresses challenges by fostering climate-resilient investments and innovative approaches, such as blended resources from specialised funds and debt market instruments, including green sukuk, to mobilise resources for climate action.

Alignment with the Objectives of the Paris Agreement

The Islamic Development Bank (IsDB) has made a significant commitment to fully align its sovereign operations with the objectives of the Paris Agreement by the end of 2023. This strategic decision ensures that IsDB's operations contribute to the alignment of financial flows with the Paris Agreement objectives and support member countries' Nationally Determined Contributions and long-term climate strategies, facilitating a just and equitable transition towards low-carbon development. The Bank undertakes this initiative in conjunction with other major multilateral development banks to address support and collaboration gaps, responding to the increasing call for multilateral development banks to function as a cohesive system to drive the necessary impact at scale.

IsDB Group's Delegation at COP29

A diverse delegation representing all IsDB Group departments and entities actively participates in COP29. This comprehensive representation enables the Bank to support aligned COP29 Presidency agenda and initiatives, its member countries, and showcase its wide-ranging climate initiatives and strategic plans, aligned with its realigned strategic direction. Throughout the two-week duration of COP29, the Bank staff across all its entities will be present in Baku and available to collaborate with various stakeholders through side events, consultation sessions, high-level meetings and bilateral engagements.