African Development Bank and AIIB Strengthen Collaboration on Sustainable Economic Development for Africa

The African Development Bank and the Asian Infrastructure Investment Bank (AIIB) have signed an agreement to strengthen their partnership on sustainable economic development, intended to accelerate infrastructure development and economic opportunities across the African continent. The Parties, having earlier signed a Memorandum of Understanding in 2018 consolidated their interests at the Heads of Multilateral Development Banks held in Paris, France on June 28, 2025. The MOU outlines continued collaboration from both parties in six priority areas, aligned with the Bank Group’s Ten-Year Strategy 2024–2033 as well as AIIB’s Corporate Strategy and its Strategy on Financing Operations in Non-Regional Members: (i) Green infrastructure (ii) Industrialization (iii) Private capital mobilization including Public - Private Partnerships (iv) Cross-border-connectivity (v) Digitalization; and (vi) Policy-based financing. The MOU will also advance amongst other things, co-financing, co-guaranteeing, and other forms of joint participation in financial assistance for development projects primarily in sustainable infrastructure, including:

According to the President of ADB, Dr. Akinwumi Adesina, “This partnership continues to be an effective pathway to provide economic development for our member countries, especially in infrastructure. By reaffirming today, we are boosting energy access by accelerating Mission 300 which is targeting to connect 300 million people to electricity by 2030,” On his part, Mr. Jin Liqun, President of the Asia Infrastructure Investment Bank noted that: "The renewal of our partnership with the African Development Bank reflects AIIB's commitment to supporting sustainable development beyond Asia. Through this collaboration, we can leverage our combined expertise to deliver transformative projects that will benefit millions across the continent and create prosperity through quality infrastructure investment."

Collaborations of this nature between regional bodies are important and indeed, crucial toward the realization of the Paris Agreement objectives. Hopefully, other regions and countries will follow in this direction in their pursuit of sustainable economic development.

Bonn Climate Meetings: “We Need to Go Further, Faster, and Fairer.”

As the United Nations Climate Change concludes its Climate June Meetings, SB62 in Bonn, Germany, the Executive Secretary of UN Climate Change, Simon Stiell has called on member states to act faster and fairer in their fight against climate change and its impacts ahead of COP30 in Belém. In his remarks at the closing plenary of the June Climate Meetings on 27 June, Mr. Stiell said, “We need to go further, faster, and fairer. He stated further, “I’m not going to sugar-coat it – we have a lot more to do before we meet again in Belém. There is so much more work to do to keep 1.5 alive, as science demands. We must find a way to get to the hard decisions sooner. We will need negotiators to sit together between sessions to find common ground.”

Other critical issues discussed at the Meetings include the Global Goal on Adaptation, Nairobi Work Programme on Impacts, Vulnerability and Adaptation to Climate Change, Warsaw International Mechanism for Loss and Damage associated with Climate Change Impacts, and matters relating to Article 6 (8) of the Paris Agreement which focuses on non-market approaches, promotion of cooperation through finance, technology transfer, and capacity building.

CGSL will continue to follow subsequent conversations on these issues as we look forward to COP30 in Belém, Brazil.

UK Sustainability Reporting Standards Based on ISSB Framework Open for Consultations

In line with its mission of making the UK a clean energy superpower by delivering clean power by 2030 and accelerating to net zero, the UK government has released its draft Sustainability Reporting Standards based on the ISSB Framework. According to a statement released by the UK Department of Trade and Business, these Standards are aimed at accelerating its transition to an economy that is climate resilient and sustainable, which is essential for long-term economic growth. To achieve this, the UK is delivering a regulatory framework to support sustainable growth and enable the private sector to realize the opportunities of the transition. Noting further that the UK will need to see £130 billion of total investment into the transition each year on average to 2050 to stay on track for their Net Zero Scenario, the majority of which will need to come from the private sector.

Based on the foregoing, the government is adopting an initial three-phase consultation approach to modernize its corporate reporting as follows:

i.The first consultation seeks views on the exposure drafts of UK Sustainability Reporting Standards (UK SRS), which are based on the standards published by the International Sustainability Standards Board (ISSB) in June 2023.

ii. The second consultation focuses on providers of assurance over sustainability-related financial disclosures following the conclusion of the Financial Reporting Council’s (FRC) recent market study on this theme.

iii.The third consultation published by the Department for Energy Security and Net Zero seeks views on the government’s manifesto commitment on the theme of transition planning.

These steps are only the first step in the development of a UK sustainability reporting framework that will be fit for the future. CGSL will continue to monitor developments on this framework in months and years to come.

GRI Releases New Climate Standards

The Global Reporting Initiative (GRI) has released new climate Standards that follow the identification by the ISSB of climate change-related disclosures. According to a statement released by the organization after the launch of the new standards during London Climate Action Week, both sets of Standards are meant to empower organizations to take accountability for their impacts and accelerate climate action.

GRI 102: Climate Change emphasizes that achieving substantial reductions in greenhouse gas (GHG) emissions is the primary mitigation step organizations can take. It sets reporting expectations based on science-based targets and global climate goals, while incorporating ‘just transition’ metrics covering impacts on workers, local communities, and Indigenous Peoples.

GRI 103: Energy comprehensively addresses an organization’s energy-related impacts and activities. With disclosures on decarbonization efforts, renewable and non-renewable energy use, as well as where and how energy reductions occur, it positions responsible energy use as a central component of a company’s approach to climate change mitigation.

Speaking on these Standards, Robin Hodess, the CEO of GRI noted, “Climate change is a deeply human issue, as much as it is an environmental one, and these new GRI Standards are unique in bringing these dimensions together. GRI 102 and 103 will enable transparency and action on climate and energy impacts that drive decision-making by companies, regulators, investors, and other stakeholders. It is also significant that GRI 102 and IFRS S2 are complementary and can be used together to disclose climate-related impacts, risks, and opportunities. The result is sustainability reporting that supports real-world solutions to one of our greatest challenges.”

Crucially, a joint statement by GRI and IFRS on the new GR1 102 states that “GRI 102 requires disclosure of the adaptation plan and its impacts on people and the environment, including local communities, Indigenous Peoples, workers, and biodiversity, as well as the actions taken to manage these impacts during the plan’s implementation and outcomes” while IFRS S2 requires an organization to disclose information about the climate-related risks and opportunities arising from an organization’s climate-related adaptation efforts”. risks that may include information about how the organization manages its workforce as it transitions to a lower-carbon economy”.

Alignments of different Standards in the energy and climate sectors are a huge plus for the net-zero and energy transition. We look forward to seeing such alignments being extended to other environmental, social, and economic issues. Most importantly, our goal at CGSL is to see these Standards aligned with provisions of relevant treaties and statutes on different sustainability areas.