Baku, Azerbaijan - November 14, 2024 – During a high-level Climate Finance Roundtable at COP29 organised by the government of the Islamic Republic of Pakistan, Islamic Development Bank (IsDB) Group Chairman, H.E. Dr. Muhammad Al Jasser, enumerated the Bank's progress in climate finance and unveiled a strategic vision for amplifying support to member countries in the face of escalating climate challenges.

The roundtable was designed as a significant platform for global leaders during the UN Climate Conference to discuss strategic mechanisms around transforming international climate finance to make it more responsive, equitable, and innovative, addressing solutions to increase scale, reach, and effectiveness.

"As climate change accelerates, so must our collective action," declared Dr. Al Jasser, highlighting the Bank's impressive track record. "Our commitment is reflected in the numbers – we have maintained approximately 50% of annual financing dedicated to climate adaptation, with 46% of total approvals directed to climate action in 2023 alone."

Addressing global leaders, policymakers, and experts, Dr. Al Jasser announced that IsDB has already mobilised US$5.5 billion in climate financing, marking substantial progress toward the Arab Coordination Group's collective US$24 billion commitment for 2023-2030, of which IsDB pledged US$13 billion. This achievement underscores the Bank's leadership in advancing low-carbon and climate-resilient initiatives across its member countries.

Demonstrating its commitment to vulnerable communities, IsDB has committed US$1 billion over three years (2024-2026) specifically for adaptation needs in fragile states and conflict settings. This commitment is already bearing fruit through initiatives like the €188.7 million Sindh Flood Emergency Housing Reconstruction Project in Pakistan, providing climate-resilient housing for communities affected by the 2022 floods.

The Bank catalyses climate finance through Islamic financial instruments, particularly green and sustainable sukuk, providing finance and creating new pathways for climate action through Isalmic Finance.

IsDB announced its readiness to support country platforms, with a particular focus on the Water-Energy-Food nexus in Pakistan. This integrated approach demonstrates the Bank's commitment to comprehensive climate solutions that address interconnected challenges.

"The Islamic Development Bank stands firm in its commitment to supporting member countries in achieving their climate and development goals," Dr. Al Jasser concluded. "Through multilateral collaboration and innovative finance, we are building a more resilient and sustainable future for generations to come."

The roundtable reinforced IsDB's position as a leading force in climate finance, combining strategic vision with practical action to address the urgent challenges of climate change while supporting sustainable development across its member countries.