The EDB becomes an observer to the United Nations Framework Convention on Climate Change (UNFCCC)
Almaty, 5 December 2023. The Eurasian Development Bank (EDB) has obtained observer status to the United Nations Framework Convention on Climate Change (UNFCCC). This decision was formalised during COP28 – the United Nations Climate Change Conference, taking place these days in Dubai, UAE.
“The Secretariat looks forward to your contribution to the UNFCCC process,” the official notice extended to the EDB said.
The United Nations Framework Convention on Climate Change encompasses 197 parties. It originated from a decision by the United Nations General Assembly and opened for signature in 1992, entering into force on 21 March 1994.
The objective of the UNFCCC is to stabilise greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate system. Aligning with the principle of common but differentiated responsibilities and respective capabilities, developed countries assume higher commitments and are expected to provide new and additional financial resources to achieve the objective of the UNFCCC, including in the form of assistance to developing countries.
The UNFCCC was followed by the Kyoto Protocol in 1997, succeeded in 2016 by the Paris Agreement.
“As an observer to the United Nations General Assembly, the EDB has consistently fostered robust partnerships with various United Nations institutions. These efforts are aimedat coordinating our assistance to countries in the region to help them achieve the Sustainable Development Goals. Acquiring observer status to the UNFCCC provides additional opportunities to expand collaboration with other international development banks on the climate agenda in the best interests of the Bank’s member states,” said Nikolai Podguzov, Chairman of the EDB Management Board.
Additional information:
The Eurasian Development Bank (EDB) is an international financial institution promoting integration and development in its member countries. For more than 17 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. The EDB's charter capital totals US $7 billion. Its portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing, and mechanical engineering. The Bank adheres to the UN Sustainable Development Goals and ESG principles in its operations.
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