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AIIB and GEAPP Join Hands for Green Energy Transition

Published on November 10, 2022
Current Context: The Asian Infrastructure Investment Bank (AIIB) and the Global Energy Alliance for People and Planet (GEAPP) partnered for the financing of green energy transition and renewable energy products.
AIIB and GEAPP Join Hands for Green Energy Transition
  • The Vice-President (Policy and Strategy) of AIIB, Sir Danny Alexander, and the CEO of GEAPP, Simon Harford, signed a Letter of Intent (LoI).
  • The ceremonial event also witnessed the presence of the following dignitaries:
  1. Jin Liqun (President of AIIB)
  2. Dr. Rajiv Shah (President of the Rockefeller Foundation)
  3. Per Heggenes (CEO of IKEA Foundation)
  4. Dr. Andrew Steer (President of Bezos Earth Fund)
  • The strategic partnership between AIIB and GEAPP aims to mobilize USD 1 billion for accelerating the green energy transition.
  • The primary objective of this collaboration between AIIB and GEAPP is to jointly address the challenges that lie in the way of achieving a green energy transition.
  • The joint partnership will co-finance projects and programs in the areas like grid-based renewables and fossil-fuel transitioning.
  • AIIB is a development bank that was established in 2016 with its headquarters in Beijing, China. The current President of the development bank is Jin Liqun.
  • GEAPP was established by the Rockefeller Foundation in 2021 to accelerate energy transitions in developing and least-developed countries.

Question:

Q.1 Who partnered with the Global Energy Alliance for People and Planet (GEAPP) partnered for the financing of the green energy transition?
a. World Bank
b. ADB
c. AIIB
d. NDB
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