The 2024 edition of the ‘Finance in Common’ global summit, which brings together public development banks, is scheduled to be hosted by the Asian Infrastructure Investment Bank (AIIB), marking its first occurrence in Asia.
This news was shared on the sidelines of the 28th annual United Nations (UN) climate conference (COP28), which is being held in Dubai during the 30 November–12 December 2023 period.
Together with the Inter-American Development Bank (IDB) and the Climate Policy Initiative (CPI), Finance in Common announced the creation of the ‘Finance in Common Financial Innovation Lab.’
Expected to become operational in early 2024, this new platform is designed to bolster cooperation among development banks and accelerate the mobilization of funds for climate initiatives.
This initiative represents a significant effort to enhance the collective impact of development banks, particularly in tackling climate change issues.
A statement issued by Finance in Common during the COP28 event in Dubai also highlighted the launch of a collaborative platform with the IDB and the CPI.
COP28 has become the largest UN climate summit to date, boasting an impressive registration of 80,000 participants, and notably, this year marks the first time their affiliations have been disclosed.
This disclosure requirement is a new development aimed at identifying potential conflicts of interest and uncovering lobbyists among the attendees.
Compared to previous summits, including COP27 in Egypt, where only 49,000 people were accredited, this year’s numbers are significantly higher.
Within this vast gathering, around 23,500 individuals represent official government teams, while an additional 27,208 include policy experts, academics, representatives from professional organizations, and senior executives from major oil companies.
Although these non-official delegates have limited access to the actual negotiations, their presence has raised concerns about the influence of big business on the climate talks.
