Statement by Inter-American Development Bank President Luis Alberto Moreno on Paris Agreement on Climate Change

The Inter-American Development Bank (IDB) issued the following statement from President Luis Alberto Moreno on the Paris Agreement on Climate Change at COP21.

"The Paris Agreement marks a watershed in international efforts to tackle climate change. The agreement is both ambitious and fair. It recognizes the particular vulnerabilities of developing countries and the urgency of collective actions needed to keep global temperatures well below a 2ºC rise above pre-industrial levels.

The Paris agreement is an achievement of which we can all be proud. I applaud the Governments of France and Peru and UNFCCC Executive Secretary Christiana Figueres in particular for their leadership and tireless efforts to deliver an outcome that will be recognized by generations to come.

Thanks to unprecedented levels of cooperation by governments, the international community, the private sector and civil society, all countries have unequivocally agreed to abide by and act in accordance to this first universal and legally binding multilateral agreement on climate change.

Significantly, the agreement calls for making infrastructure finance consistent with a low emissions and climate resilient model of development. It also sends strong signals to investors to redirect resources away from unsustainable high carbon assets into renewable energy and other sustainable forms of infrastructure.

The IDB has worked to support countries in Latin America and the Caribbean in reaching this point. We now stand ready to step up our financial and technical assistance to help them implement the agreement and strive to limit global temperatures increases to less than 1.5ºC."

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The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region.