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IDB plans to triple climate financing for Caribbean in next decade
Kaieteur News – The Inter-American Development Bank Group (IDB Group) is planning to triple direct and mobilized climate financing for Latin America and the Caribbean to US$150 billion over the next decade with the support of its member countries, including through the anticipated recapitalization of its private-sector arm, IDB Invest.
By reaching this goal, the IDB Group would become one of the first multilateral development banks to fulfill the G20’s recommendation that they triple climate financing. “We are placing action on climate and nature at the center of the IDB Group,” said IDB President Ilan Goldfajn at the United Nations Climate Change Conference (COP28) in Dubai back in November last year.
“This means increasing direct and mobilized climate financing for Latin America and the Caribbean, expanding our work on global public goods, such as the Amazon, catalyzing private-sector engagement and developing new financial instruments so we can mobilize more capital toward climate action,” he said. This year the IDB will assume the presidency of the Multilateral Development Banks (MDBs) and Regional Development Banks Heads (RDBs) Groups, which are critical to fulfilling the G20’s goal of overhauling the global financial architecture to adequately address climate change. In this role, the IDB will work closely with Brazil’s G20 presidency to advance the reform agenda.
Inter-American Development Bank Group (IDB Group) President, Ilan Goldfajn
“Our reform priorities include a focus on making the MDBs work better as a system, by harmonizing our standards and processes, and continued coordination on climate and nature projects. Additionally, we will continue to lead the work on financial innovations as well as engaging private-sector participation in climate and nature finance. The goal is to help make MDBs achieve the scale and impact to meet today’s challenges,” said President Goldfajn.
As the principal source of long-term development financing for Latin America and the Caribbean, the IDB Group is committed to helping the region meet its climate mitigation and adaptation needs and maximizing its potential to become a global leader in climate and nature action. As the home of Amazon rainforest – one of the world’s primary carbon sinks – and thanks to the significant share of renewables in its energy mix and abundance of crucial mineral reserves for the green transition, the region is well-positioned to become part of the solution to global climate change challenges.
IDB Support
The Amazon is a critical part of the IDB Group’s action on climate and biodiversity. Amazonia Forever is the institution’s holistic umbrella program that aims to protect this region’s natural wealth and accelerate its sustainable development. The IDB Group is committing up to $5 billion in additional financing for the Amazon over the next 10 years for sustainable development projects, leveraging partnerships and funding from countries and other stakeholders. The IDB Group is also pioneering innovative financing mechanisms to help mobilize more resources and empower countries. These mechanisms include debt-for-nature conversions, sustainability-linked bonds, and discounts when the nature and climate objectives of selected loan projects are met.
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