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The AIIB and Sustainable Infrastructure: A Hybrid Layered Approach

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  • Karin Costa Vazquez
  • Gregory T. Chin

Abstract

This essay examines the AIIB’s approach to investing in sustainable infrastructure (SI). The main argument is that the AIIB is taking a hybrid layered approach to SI investment. On the one hand, the Bank is following the ‘do no harm’ pathway of the traditional MDBs, of using safeguards to avoid and compensate adverse social and environmental impacts. On the other hand, it is pursuing innovation, and a more transformative agenda, that encourages investment in SI projects that generate broader, positive developmental spillovers. In pursuing its hybrid agenda, the AIIB is developing its own multi‐layered safeguards regime to ensure smooth and strong SI investment, and alignment between the Bank’s overarching strategic policy, its ESF, sector and thematic strategies, and projects. The analysis also details three ways in which the AIIB stands out from other MDBs for how it is ‘trying new things’ with its approach to SI investment: first, is how ‘economic sustainability’ is one of the main considerations for project selection alongside environmental, social and governance sustainability; second, how the Bank has integrated social and indigenous and oversight safeguards into its ‘environmental and social framework’ (ESF); third, its creation of large‐scale public‐private Funds for green finance and climate finance.

Suggested Citation

  • Karin Costa Vazquez & Gregory T. Chin, 2019. "The AIIB and Sustainable Infrastructure: A Hybrid Layered Approach," Global Policy, London School of Economics and Political Science, vol. 10(4), pages 593-603, November.
    • Handle: RePEc:bla:glopol:v:10:y:2019:i:4:p:593-603
    DOI: 10.1111/1758-5899.12771
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    Cited by:

    1. Ali Rıza Güngen, 2023. "New Multilateral Development Banks and Green Lending: Approaching Scalar Complexities in the Global South," Development and Change, International Institute of Social Studies, vol. 54(2), pages 251-279, March.
    2. Alvaro Mendez & David Patrick Houghton, 2020. "Sustainable Banking: The Role of Multilateral Development Banks as Norm Entrepreneurs," Sustainability, MDPI, vol. 12(3), pages 1-21, January.
    3. Andrea Molinari & Leticia Patrucchi & Cecilia Flores, 2021. "¿QUÉ FINANCIAN LOS NUEVOS BANCOS DE DESARROLLO? Una aproximación a sus operaciones durante su primer quinquenio de actividad," Documentos de trabajo del Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET) 2021-67, Universidad de Buenos Aires, Facultad de Ciencias Económicas, Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET).
    4. Laerte Apolinário Júnior & Felipe Jukemura, 2022. "A comparative analysis of the environmental and social policies of the AIIB and World Bank," Global Policy, London School of Economics and Political Science, vol. 13(5), pages 694-709, November.

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