We are experiencing a rare moment in human existence when, as a global community, we are collectively facing not one but two great challenges. Catastrophes, pandemics and extreme weather events are usually localized to one country or region. But today, the entire world is facing off against two disasters – COVID-19 and climate change. Now more than ever, a sense of unity is necessary if we are going to win these separate but inter-linked battles. Multilateral cooperation is how we can succeed because together we are stronger than when we work in silos.
AIIB is mandated, as a multilateral development bank, to do its part. Since launching in 2016, AIIB has been actively supporting and accelerating member transitions toward low-carbon and climate-resilient development pathways through climate financing and the mobilization of private capital for climate objectives. In particular, we have set a target of achieving 50% of approved financing in climate change financing by 2025 and our ambition is to go beyond that.
In 2020, a new challenge emerged. The coronavirus caused significant disruptions to everyone's life and wreaked havoc on the global economy. To help our members deal with the economic, financial and public health pressures arising from COVID-19, AIIB responded quickly to establish the COVID-19 Crisis Recovery Facility (CRF), mobilized support beyond our existing capacity and acted adaptively to put our resources to work in areas most in need of help. This financing is playing a significant role in improving health systems and promoting social protection and economic resilience, thus preventing long-term damage to productive capacity (including human capital) and sustainable development in member countries.
We will continue to proactively support our members, many of which are developing countries where these issues are especially urgent and serious, as they pursue economic, social and environmental sustainability. It is the Bank's mission to finance Infrastructure for Tomorrow and empower regions and their people with access to physical, digital, commercial, medical, educational and other services. Our commitment to sustainability is rooted in our corporate strategy, which sets our thematic priorities: (1) green infrastructure, (2) connectivity and regional cooperation, (3) private capital mobilization, and (4) technology-based infrastructure.
While there is much work ahead, we have begun to have an impact through the projects financed during our first five years of operation. To demonstrate our contributions, we are introducing AIIB’s inaugural Impact Report to offer a detailed view of the results we have achieved. As the Bank develops its capabilities and gains experience, our impacts will grow proportionally. This, and subsequent reports in years to come, will serve as transparent records of what AIIB is achieving on behalf of its members. Now is not the time for pretty words; now is the time for action. It is our intention for this Impact Report to demonstrate that AIIB is committed to actionable results as we support our clients to build the Infrastructure for Tomorrow, with sustainability, innovation and connectivity at its core.
President and Chair of the Board of Directors