The New Development Bank (NDB)focus is on sustainable development and sustainable infrastructure. Climate change consciousness and sustainability are built into the NDB’s approach. Kundapur Vaman (KV) Kamath, President of the multilateral development bank announced in 2016 that 60 percent of its lending should go to renewable projects.
The New Development Bank formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states.
The first projects of the Bank were in renewable energy – according to Kamath “this was more than a symbolic gesture; it conveyed the message of the founders that we are committed to a better and sustainable future for our member countries”. The New Development Bank is also focusing on projects that are to undo the damage done to the environment.
All members of NDB are signatories to the Paris Climate Agreement and the United Nations 2030 Agenda for Sustainable Development. NDB strongly supports each member’s commitments to address the risks of global warming, environmental challenges, and measures to achieve the United Nation’s sustainable development goals.
By: Kgothatso Nkanyane