Baku, Azerbaijan – 14 November 2024 – At a high-level roundtable hosted by the COP29 Presidency titled "Driving Transformative Climate Action," Islamic Development Bank (IsDB) President H.E. Dr. Muhammad Al Jasser joined multilateral development bank (MDB) Heads to highlight MDBs' role in catalyzing impactful climate solutions. Convened in Baku’s Blue Zone, the event emphasized shifting from financial inputs to measurable impact in climate resilience initiatives, with MDBs collectively supporting low- and middle-income countries.

Speaking on behalf of all MDBs on the topic of climate adaptation, Dr. Al Jasser highlighted the MDBs’ achievement of harmonizing adaptation finance methodologies to streamline climate funding and better serve member countries. He noted that MDB climate adaptation financing reached $24.7 billion in 2023, comprising a substantial portion of the total $74.6 billion in climate finance mobilized for low- and middle-income countries. He affirmed that MDBs are committed to further supporting loss and damage initiatives in alignment with their mandates and strategies.

Representing IsDB, Dr. Al Jasser underscored the Bank’s steadfast commitment to climate action, with over $5.5 billion in climate financing approved since COP27, nearly half of which is dedicated to climate adaptation. He highlighted major IsDB initiatives, including the Health Impact Investment Platform (HIIP) and the $10.54 billion Food Security Response Program (FSRP). These programs, such as the $124 million cassava value chain projects in Benin and Côte d’Ivoire, aim to enhance climate resilience and food security across IsDB’s member countries.

Dr. Al Jasser also emphasized the importance of co-financing, advocating for tailored, country-specific approaches to strengthen climate resilience. He cited IsDB’s work in Pakistan, supporting an integrated Water, Energy, and Food Nexus platform to address interconnected climate challenges, as an example of the Bank’s commitment to country-owned solutions.

Reflecting on IsDB’s innovative approach, Dr. Al Jasser reiterated the Bank’s pledge to leverage Islamic finance, including green and sustainable sukuk, to drive climate action. “The responsibility to make the planet habitable rests with all of us,” he affirmed, calling for unified efforts to build a sustainable, resilient future and ensure a just transition for vulnerable communities.

IsDB’s participation in the event reaffirmed our dedication to high-impact projects and innovative financing, aligning with global MDBs efforts to enhance climate adaptation and support sustainable development.