A multilateral approach is key to solving the severe global crisis brought by the COVID-19 pandemic, said Jin Liqun, president of the Asian Infrastructure Investment Bank, who added that cooperation between nations must be strengthened.

Jin made the remarks when addressing the International Finance Forum (IFF)'s annual meeting that opened in Guangzhou, Guangdong province on Saturday morning via video link.

"And all barriers to cooperation and coordination should be cast aside and removed, whether they stand from ideological, international, or political prejudices," he added.

He also noted that climate change is a key issue to watch that may generate "a series of horrendous catastrophes." He urged that climate change be dealt with by concerted efforts on a global scale.

Jin noted in his speech that in a report written by a collection of multilateral development banks (MDBs), the total amount of climate finance from MDBs reached 66 million US dollars in 2020.

Noting that technology is developing very fast, Jin suggested that investing in renewable energies "should be balanced between investment for existing technology, and in R&D for new technology".

zhangyue@chinadaily.com.cn