An out-of-control problem with garbage has replaced rising sea levels as the most immediate threat to the economy of the Maldives. AIIB has partnered with the Government of Maldives and the Asian Development Bank (ADB) to provide finance and expertise for the construction and operation of a modern waste-to-energy plant. Once up and running, it will be the final component in a comprehensive, end-to-end system for processing and safely disposing of the bulk of the archipelago state’s refuse.

Built, owned and operated by a consortium led by ACWA Power, the Ibri II 500-megawatt (MW) solar photovoltaic (PV) independent power plant is a USD400-million project aligned with the Government of Oman’s National Energy Strategy 2040, which aims to generate 10 percent of the country’s energy from renewable sources by 2025 and 30 percent by 2030. As the only multilateral development bank in the lenders’ group, AIIB acted as a catalyst for private sector investment.

Our Sustainable Energy for Asia Strategy sets out a clear framework for AIIB to invest in energy projects that will increase access to clean, safe and reliable electricity for millions of people in Asia. To implement the strategy, the Bank will support its members to do their part as expressed in the Paris Agreement to, "hold the increase in the global average temperature to well below 2 degrees Celsius above pre industrial levels and pursue efforts to limit the temperature increase to 1.5 degrees Celsius". It will achieve this by aligning its support with its members’ national energy investment plans, including their nationally determined contributions (NDC) under the Paris Agreement.