IDB Announces Significant Investment of US$150 Billion in Climate Action for Latin America and the Caribbean
During COP28 in Dubai, the Inter-American Development Bank (IDB) revealed an ambitious plan to triple its direct and mobilized climate investments, reaching a remarkable figure of US$150 billion in Latin America and the Caribbean over the next decade. The initiative places the IDB at the forefront of G20 recommendations, highlighting its unequivocal commitment to climate action and sustainable development.
The president of the IDB, Ilan Goldfajn, presented the details of this strategy, highlighting the transformation of the IDB Group to face the challenges of climate change. These efforts include the future chairmanship of the Groups of Multilateral Development Banks (MDBs) and Heads of Regional Development Banks (BDRs) in 2024, with the aim of leading crucial structural reforms.
In line with the strategic importance of the region, the IDB will channel substantial investments towards the preservation of the Amazon, through the comprehensive “Amazonia Forever” program, committing up to US$5 billion over the next 10 years. Additionally, the IDB Group stands out for leading financial innovations, such as debt conversions, strengthening its position in leading the transition to a more sustainable economy.
At COP28, the IDB is promoting a series of more than 30 events at the Pavilion of the Americas. These events bring together leaders and experts to discuss advances in financial instruments, conservation of natural resources and a just economic transition. This announcement reinforces the IDB's position as a crucial catalyst for sustainability and climate action in the region.
For more details, visit the IDB's Pavilion of the Americas in Zona Azul, Opportunity District (OA04G2), Pavilion nº 56.
Access the full article at the link:
https://energiaqueinova.com/publicacoes/grupo-bid-almeja-triplicar-investimentos-climaticos-na-america-latina-e-caribe-na-proxima-decada-impulsionando-sustentabilidade-financeira/
IDB;
climate investment;
Latin America, Caribbean;
COP28;
sustainable development;
Amazon;
financial innovations;
climate action;
