The IDB will invest $ 24,000 million in green projects financing
The financial entity has committed to assessing the risks of disasters and climate risks in 100% of its moderate and high risk operations by 2023
The Inter-American Development Bank (IDB) has announced that it will allocate 24,000 million dollars for climate and green financing over the next four years. The resources will be allocated to items for the protection and restoration of ecosystems and their biodiversity, as well as the reduction of pollution.
The multilateral organization has indicated that all its loans and projects will be fully aligned with the Paris climate agreement by 2023, a measure that will help the countries of Latin America and the Caribbean to combat climate change and at the same time, advance in the steps to help the most vulnerable populations with a sustainable recovery for all.
The announcement comes as world leaders are meeting at COP26, the UN’s annual conference on climate change, to seek ways to slow global warming and achieve the climate goals agreed at a previous summit in Paris.
“We know that by prioritizing smart investments today, the cornerstone of our global fight against climate change can mutually reinforce our pandemic recovery efforts and we can accelerate our response,” said IDB President Mauricio Claver-Carone.
Between 2015 and 2020, the agency invested in 28 projects with nature-based solution components, for a total of $ 815 million. These projects leveraged an additional $ 437 million in partner funding, for a total of approximately $ 1.25 billion.
The announcement adds to the IDB’s efforts to integrate climate considerations and financing into the agendas and policies of its borrowing member countries. By the end of 2021, at least 75 % of the bank’s regional member countries will have submitted their updated nationally determined contributions, in many cases with IDB support.
Source: dpa
