The Inter-American Development Bank (IDB) will act as the delivery partner for a $5 million grant from the Forest Carbon Partnership Facility, FCPF, which will help Guatemala to move ahead with the preparation of its national strategy for Reducing Emissions from Deforestation and Forest Degradation (REDD+).
The REDD+ strategy is based on the country´s policy and institutional frameworks and seeks to reduce greenhouse gas (GHG) emissions in the forestry sector. The resources will be used to strengthen the participation of local communities and indigenous peoples in the preparation of the strategy, the implementation of the PROBOSQUE ("Pro-forest”) Law, the consolidation of protected areas and increased monitoring of forest cover, GHG emissions and the implementation of the strategy.
The IDB has supported and followed the process, enabling Guatemala to become the first country to reach the funding milestone. During a mission led by Carlos Fernando Coronado, Vice Minister for Natural Resources and Climate Change within the Ministry of Environment, presentations focused on the progress that Guatemala had made in the structuring of the strategy were favorably reviewed by the members of the FCPF, allowing access to the additional resources.
“The IDB has been working with the countries of the region to develop innovative mitigation and adaptation strategies that make up integral parts of both their development agendas and their Nationally Determined Contributions (NDC),” said Juan Pablo Bonilla, Manager of the Climate Change and Sustainability Sector at the IDB. “Our main challenge now is to help the countries convert those NDCs into investment plans.”
About the IDB
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source oflong-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.
- John Ferriter