Successful long-term climate action implementation requires coordinated and multisectoral approaches in the public and private sectors. Ministries of Economy, Finance, and Planning, and Ministries of Environment are working together to identify the challenges and opportunities to elaborate 2050 net-zero strategies and define concrete actions to tackle climate change. Furthermore, private capital mobilization and innovation enable financial and non-financial products, as well as services to respond to build the path towards resilient and low-carbon development.  

This event aims to provide a space for the public and private actors to discuss and accelerate climate action implementation in the region. The IDB Group works closely with governments and companies in the Latin America and the Caribbean to support the just transition to resilient, inclusive, and net-zero economies.

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The panel will bring together four different views of innovation such as public policy, private capital, digital tech, and grassroots. In each case, the panel will discuss how innovation can drive climate action, based on the work of their organizations.

This panel will analyse how an early response and preventive adaptation solutions can be more effective and less costly than late reaction. Speakers will present examples where adaptation measures to climate change make it possible to curtail negative effects, reduce vulnerabilities and increase the resilience of human and natural systems to climate change. In this direction, IDB Invest will reinforce its works in promoting the incorporation of adaptation and resilience measures for its clients, prioritizing nature-based solutions.

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This dialogue will convene key public and private stakeholders in Latin America and the Caribbean to discuss effective ways to keep energy transition efforts alive while guaranteeing energy security and affordability of service for an ever-increasing population. Relevant topics will be addressed, such as availability of finance and cost of capital, diversification of tax revenues from fossil fuels, creation of local value in the new green economy and other relevant topics to achieve decarbonization goals. In addition, the status of regional climate action platforms and similar coordination efforts, such as RELAC (Renewable Energies in Latin America), will be presented.

Pará State in Brazil is committed to achieving net zero forests and land use emissions by 2036. To achieve this goal, deforestation must be dramatically reduced, and 5.6 million hectares of forests must be restored until 2030. Pará is developing a Payment for Ecosystem Services (PES) Program to incentivize forest conservation and restoration. This PES program will generate economic opportunities, channeling private and public resources to foster a low carbon economic development.

The IDB's Amazon Initiative has recently approved a project in the state of Pará, with the objective of creating an innovative public policy instrument that will enable the State to have a payment for environmental services mechanism and allow the mobilization of climate finance towards the protection of the Amazon. The IDB project will provide finance for designing and implementing a pilot platform that will be escalated in subsequent stages.

This critical project will assist the state of Pará in its efforts to address long-term sustained mobilization to finance the Pará Amazônia Agora State Plan (PEAA), a vital public policy instrument to deliver sustainable economic development and reduce deforestation in the Amazon region.

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