The second annual meeting of the China-initiated Asia Infrastructure Investment Bank (AIIB) kicked off on Friday in South Korea’s Jeju Island. Government officials, international organization officials and businessmen are meeting to discuss ways to move the bank ahead in its second year. 

Under the theme of “sustainable development”, the bank aims to provide clean, safe, and reliable energy to the nearly one billion people in Asia that don’t have access to reliable electricity. 

On that end, the AIIB promises to support member nations to do their part in achieving their goals under the Paris climate agreement. More emphases will be paid on investments in renewable energy project, like wind and solar. 

Another issue the bank has had to tackle is the issue of global governance. The AIIB understands its important role in international economic cooperation, especially among Asian countries. 

Since its launching early last year, the AIIB has grown to nearly 80 members. During that time, the bank has provided nearly two-and-a-half billion dollars in financing for 16 infrastructure projects in nine countries, ranging from energy sector, transport, to urban development projects.