Dubai, COP28 – In a strategic move, the Inter-American Development Bank (IDB) revealed its ambitious plans to triple direct and mobilized climate financing for Latin America and the Caribbean, totaling a significant US$150 billion over the next decade. This announcement echoes the IDB's commitment to position itself as a pioneer in implementing the G20 recommendation to triple climate finance.
IDB President Ilan Goldfajn emphasized the transformation of the IDB Group, declaring: “We are positioning climate action as a central pillar of IDB Group operations, seeking to expand direct and mobilized climate finance to Latin America and the Caribbean. This involves expanding our impact on global public goods, catalyzing active private sector participation, and developing innovative financial instruments to drive more capital toward climate action.”
In addition to expanding financing, the IDB Group, which will assume the presidency of the Groups of Multilateral Development Banks (MDB) and Heads of Regional Development Banks (BDR) in 2024, will play a key role in reforming the global financial architecture in accordance with with the G20 climate objectives.
Said by Ilan Goldfajn – President of the IDB Group
President Ilan Goldfajn outlined key areas of focus for this reform, including the harmonization of standards and processes across MDBs, strategic coordination on climate and nature projects, continued leadership in financial innovations, and the private sector's growing commitment to climate and climate finance. sustainable projects.
Latin America and the Caribbean, as a strategic epicenter for global climate change issues, will benefit from this push from the IDB Group. The commitment to preserving the Amazon is highlighted by the comprehensive “Amazonia Forever” program, which aims to catalyze sustainable development with the allocation of up to 5 billion dollars over the next 10 years. The IDB Group also stands out for its leadership in creating innovative financial mechanisms, such as debt conversions by nature, obligations linked to sustainability and discounts associated with achieving environmental and climate goals.
At COP28, the IDB Group, through the Pavilion of the Americas, demonstrates its commitment to more than 30 events led by international leaders and experts. These events range from cutting-edge financial instruments to conservation and sustainable use of natural resources, reflecting the region's comprehensive approach to addressing global climate challenges.
Location: IDB Pavilion of the Americas in Zona Azul, Opportunity District (OA04G2), Pavilion nº 56.
This announcement by the IDB Group signals a paradigmatic shift towards a more sustainable future for Latin America and the Caribbean, consolidating the region as a global leader in responding to climate change and promoting sustainable development.
