Established in 2015 by BRICS countries, the New Development Bank is a multilateral development bank aimed at mobilising resources for infrastructure and sustainable development projects in BRICS and other EMDCs. Picture: Leon Lestrade/IndependentNewspapersThe National Development Bank says its target of 40% of its approved financing for climate change related projects from 2022 to 2026, integrating climate risks measures into project designs and tracking climate finance each year.
Furthermore, the NDB said it has set a 40% climate finance target in its second strategy, to incorporate climate risk and environmental impact assessment. “At NDB, we take climate finance tracking as one effective means to build quality infrastructure assets. As a cross-cutting project consideration, we try to integrate measures that address climate risks – to the extent applicable - as early as the design phase for each project we conduct,” it said.
The NDB said that climate mitigation finance has dominated its climate investments, funding projects that promote the use of renewables, energy efficiency, and transport modal shifts. It added, “Many of the projects supported by the Bank have generated positive socio-economic impacts besides environmental sustainability.”
“Sustainable development has continued to evolve, growing even more so in recent years across emerging markets and developing countries . The widening investment gap required to achieve the SDGs and Paris climate goals in EMDCs remains to be fulfilled.”