The world’s foremost Islamic multilateral development bank has publicly committed to aligning its activities with the Paris Agreement by December 2023 as it doubles down on its climate goals. VINEETA TAN has the story.
At its 2022 annual meetings in Egypt, the IsDB Group revealed its Action Plan for Operationalization of the Paris Alignment (2022–23). The framework is designed to support its 57 member countries in mitigating and adapting to climate change.
As one of the most influential development entities in the Muslim world, the IsDB has been assertive in tackling climate change challenges: in 2019 it launched its Climate Change Policy, followed by its five-year Climate Action Plan in 2020. It also set a climate finance target of 35% of total financial commitments by 2025.
The Paris Alignment Action Plan, which builds upon these existing frameworks, is also in line with the group’s 2023–25 organizational strategy, centered around economic recovery, poverty alleviation, resilience-building and green economic growth.
“Climate change threatens the health and well-being of human and natural systems and undermines future sustainable development prospects, particularly in developing and emerging economies. As the world’s largest south–south development finance institution — touching the lives of one in every five people globally — the IsDB Group has an important role to play in supporting enhanced climate actions,” the IsDB Group said in a statement.
Adopted by 196 entities in 2015, the Paris Agreement is a global treaty on climate change with the overarching goal of maintaining global warming to below two degrees Celsius compared with pre-industrial levels.
The international movement mobilized world governments as well as multilateral development banks (MDBs) including the IsDB which have joined hands to develop a joint MDB Paris Agreement Approach. Six pillars underpin the approach: (i) alignment with mitigation goals, (ii) adaptation and climate-resilient operations, (iii) accelerated contribution to transition through climate finance, (iv) strategy, enhancement and policy support, (v) reporting and (vi) aligning internal activities.
The IsDB’s latest action plan outlines a clear organizational work plan to better realize the MDB Paris Agreement Approach.