AIIB ANNUAL MEETING 2018

Absence of Environmental and Social Oversight Mechanism Continues in AIIB’s Third Year of Operations

The Asian Infrastructure Investment Bank (AIIB)’s third annual meeting in Mumbai comes as the Bank continues to scale up is operations. Since 2016, the Bank has approved nearly five billion USD in lending to 24 projects in 11 countries, all countries located along the Silk Road Economic Belt. At least 20 additional projects are likely to be approved before the end of this year. AIIB President Jin Liqun recently boasted that “in the face of many doubts and misgivings” about AIIB’s willingness to invest in environmentally and socially sustainable projects, “the AIIB defended itself – not with words but with performance. The initial performance of the AIIB over the past two years has gained widespread international recognition, gradually resolving many concerns.”

NGO FORUM ON ADB CALLS OUT AIIB DECARBONIZE NOW

Civil society organizations (CSOs) around the world urged the Asian Infrastructure Investment Bank (AIIB) two days before the start of its 3rd  Annual Meeting in Mumbai, India to fulfill its promise of being ‘green’.

 

A year ago in Jeju, South Korea, during its 2nd annual meeting, President Jin Liqun clearly stated that “there are no coal projects in our pipeline, and we will not consider any proposals if we are concerned about their environmental and reputational impact.”  However, a year after, AIIB has funded several fossil fuel projects, including the Trans-Anatolian gas pipeline, the Bhola IPP gas power plant in Bangladesh and the Myingyan gas power project in Myanmar.

 

Civil society organizations (CSOs) around the world urged the Asian Infrastructure Investment Bank (AIIB) two days before the start of its 3rd  Annual Meeting in Mumbai, India to fulfill its promise of being ‘green’.

 

A year ago in Jeju, South Korea, during its 2nd annual meeting, President Jin Liqun clearly stated that “there are no coal projects in our pipeline, and we will not consider any proposals if we are concerned about their environmental and reputational impact.”  However, a year after, AIIB has funded several fossil fuel projects, including the Trans-Anatolian gas pipeline, the Bhola IPP gas power plant in Bangladesh and the Myingyan gas power project in Myanmar.

 

The AIIB has also taken its first step in funding coal through its investment in the IFC Emerging Asia Fund and its indirect financing of a coal mine expansion in Myanmar.  This investment raises significant concern, showing how investing through third parties, like infrastructure funds, can result in the AIIB funding coal and other harmful fossil fuels by the back door.

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