Dubai, United Arab Emirates, 12 December 2023 -. At the United Nations Climate Change Conference (COP28) in Dubai, UAE, the Islamic Development Bank (IsDB) Group, a AAA-rated multilateral development bank from the Global South, announced a commitment of over US$ 1 billion in climate finance. This initiative aims to support member countries grappling with fragility and conflicts.

IsDB Group's participation yielded major milestones and groundbreaking initiatives with lasting impact on climate action and the pursuit of a sustainable future. The bank group’s early engagement showcased its preeminent role in driving positive change and galvanizing action on climate challenges.

The financial commitment, which is to be disbursed in the next 3 years, comes within the context of IsDB Group’s broader development objectives that address fragility.

"This financing will prioritize high-impact actions,” stated IsDB President and Group Chairman, H.E. Dr. Muhammad Al Jasser, while making the announcement during a COP28 session on Accelerating Climate Action and Finance to Countries and Communities Facing Multifaceted Crises: Launch of the COP28 Declaration on Climate, Relief, Recovery and Peace.

The IsDB Group participated in the high-profile global event with an impactful presence manifested through a wide range of events and advocacy sessions for collective climate action.

One notable event was the launch of the bank group’s 'Fair, Inclusive, and Just Transition' Conceptual Framework and Action Plan, aligning with the Paris Agreement.

At the launching event, IsDB President and Group Chairman, Dr. Al Jasser stated: “Our framework and action plan for alignment with the Paris Agreement stand as a testament to our dedication to facilitating the flow of climate finance, which is now close to reaching our target, supporting capacity-building efforts, and harnessing the power of innovation and technology for climate action within our member countries.”

Co-launching the Multilateral Development Banks common principles for tracking nature-friendly finance and boosting joint action on climate and development, the MDBs also present at COP28 global summit published a joint statement where they presented concrete and urgent actions to scale up finance and enhance climate outcomes measurement, strengthen country-level collaboration, innovate new financing tools, and increase co-financing and private sector engagement.

On the sidelines of the COP28 events, IsDB also participated in several meetings including one held at the level of directors of operations of the member institutions of the Arab Coordination Group of national and regional development institutions. The meeting explored climate solutions and strategic objectives to bolster development efforts in developing countries. The participants underlined activating collaborative efforts among Arab Coordination Group institutions, reaffirming their commitment to continue with cooperation in supporting development projects to achieve sustainable development goals.

The thought provoking dialogues during IsDB Group’s COP28 side events saw distinguished panelists highlighting key points on contribution of cutting-edge technologies, from drones and climate-smart irrigation systems to promotion of sustainability; addressing affordability concerns in the digital era, the pivotal role of Islamic and exploring the integration of technology to enhance marketability and reduce costs.

COP28 provided an opportunity for IsDB Group to display its commitment to sustainable development, a green resilient future, and enhancing the power of innovation and technology to innovative Islamic finance for sustainable agriculture and food security in member countries.

About Islamic Development Bank (IsDB) Group

Rated AAA by the major rating agencies of the world, the Islamic Development Bank is the premier multilateral development bank of the Global South that has been working for nearly 50 years to improve the lives of the communities it serves by delivering impact at scale. The Bank brings together 57-Member Countries across four continents, touching the lives of 1 in 5 of the world population. Its mission is to equip people to drive their own economic and social progress at scale, putting the infrastructure in place enabling them to fulfill their potential. Headquartered in Jeddah, Kingdom of Saudi Arabia, IsDB has regional hubs and centers of excellence in 11 of its Member Countries.  Over the years, the Bank has evolved from a single entity into a group comprising five entities: Islamic Development Bank (IsDB), the Islamic Development Bank Institute (IsDBI) tasked with research and training, the Islamic Corporation for the Insurance of Investment, and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC).