IDB, Amazonian Countries and the US Treasury Meet in Belem under Amazonia Forever

Amazonia Forever program marks one-year anniversary with operations portfolio growing to $4.2 billion  

BELÉM, Brazil— The U.S. Secretary of the Treasury, Janet Yellen, Ministers from the Amazonian countries, and the IDB president, Ilan Goldfajn, met today to discuss opportunities for cooperation under Amazonia Forever, the IDB’s holistic program for the sustainable development of the Amazonia region marking its first year of implementation in preparation for COP 16 and COP30. 

Some of the topics discussed included the need to assist countries to mobilize, upscale, and catalyze financial resources, develop investment plans, prepare projects, offer capacity-building and policy advice, and provide technical and scientific cooperation to strengthen the ongoing initiatives led by the Amazon countries.  

The IDB is working with Amazon countries to develop a project facility to address these challenges. This facility will serve as a collaborative platform to support governments, companies, civil society organizations, and other institutions from Amazon countries to implement projects, bringing them closer to their nature and climate goals.

With 12% of Latin America and the Caribbean’s economic value coming from sectors highly dependent on nature, the link between climate and nature is critical, with investments in both an IDB’s priority. This approach is even more relevant since the region is experiencing the fastest decline in biodiversity globally.

“Its great to be in Belem to celebrate the first anniversary of our Amazon Forever program. It is symbolic to have the authorities from countries in Amazon Basin and US Treasury Secretary Yellen in this occasion Amazonia Forever has become a powerful platform to boost sustainable development for the Amazon. As we look towards COP16 and COP30, we can position Amazonia as a nature powerhouse that embraces opportunities”, said Goldfajn. 

“It is essential to incorporate sustainability standards into the planning and execution of projects, considering the direct and indirect environmental, social, and economic impacts in their respective coverage areas. Socio-environmental safeguards must be present in a transversal and integrated manner, in all areas of our actions. Projects and investments must be based on evidence, considering the interface between science, traditional knowledge associated with natural resources, and policies. The goal is to stimulate a new cycle of prosperity and prevent the Amazonia from approaching a turning point,” said Minister Marina Silva, in her speech during the morning.

“Ensuring the success of the COP16 on Biodiversity, in Cali, Colombia, in October, will be essential to ensure the robust and ambitious results that we also want to achieve at the COP30 on Climate, in Belém, in 2025,” added the Minister of Environment and Climate Change of Brazil.

One year of Amazonia Forever, collaborating to scale 

In one year, the Amazonia Forever program project portfolio has evolved from $1 billion in operations in the eight Amazon countries to $4.2 billion, distributed in 191 projects in execution or pipeline, and almost doubled the number of donor countries, from five to nine. All Amazon countries have projects under the five pillars of the program, and there is a strong agenda to enhance financial access for Indigenous and Afro-descendant organizations.   

As collaboration and coordination are critical lines of action in the program to scale up financing and share knowledge, several partnerships, and networks were boosted over the last year, starting from one network to 10 regional networks to tackle different aspects of Amazonia's sustainable development challenges.  

The Amazonia Network of Ministers of Finance and Planning was established in 2023 by the IDB governors of the Amazon countries. They committed to joining efforts for the sustainable development of the region and requested that the IDB create an initiative to improve lives in Amazonia and scale up financing and innovation.  

The IDB is offering technical assistance to the Amazon Cooperation Treaty Organization (ACTO) in implementing the Declaration of Belém and providing technical assistance and will be launching a joint ACTO-IDB Amazonia Pavilion in COP 16. 

With the World Bank, the IDB is collaborating on innovative finance, developing instruments such as Amazonia Bonds, supporting issuers and engaging investors, standard setters, and regulators.  

The Green Coalition, comprising 20 public development banks, was created and committed to mobilizing resources between $10 billion and $20 billion by 2030 to provide greater access to and scale investments in sustainable economic activities. 

From the private side, the Amazonia Finance Network, formed by 24 financial institutions from 10 countries aims to support sustainable growth in the Amazon region. 

Another innovative instrument, announced this week, will allow people and companies from Brazil and abroad to invest in Amazonia, with the development of the “ETF Amazonia for All” by IDB, Caixa, Banco do Brasil, and the Brazilian Development Bank (BNDES). 

As cities are a key pillar of the program, the Amazonia Cities Program was created to support sustainable and resilient plans and is coordinated by the Amazon Cities Forum in collaboration with ACTO and the Brazilian government. 

With the Coordinator of the Indigenous Organizations of the Amazon Basin (COICA), the Amazonía para la Vida Fund brings more direct access to finance for indigenous peoples, afro-descendants, and traditional communities. 

To incentivize research, the Amazon Network for Research and Innovation on Biodiversity seeks to integrate and strengthen the capacities of its member institutes and transfer innovative solutions and technologies for the Amazonian bioeconomy.

More recently, the Amazonia Network of Ministers of Education was created and committed to accelerating and intensifying efforts to improve access, quality, and territorial relevance of education in urban and rural areas of the Amazon Region focusing on inter-cultural education. 

Besides, IDB Invest, the private sector arm of the IDB Group, is developing an Amazonia Forever Roadmap and will begin to pilot its new business model in Amazonia. The new business model and the $3.5 billion capital increase recently approved by its Board of Governors will allow IDB Invest to work upstream and take more risk to develop sustainable investments and attract global and domestic investors towards Amazonia. 

_{From left to right: Vanessa Grazziolin, Executive Director, OTCA; Felipe Jaramillo, Vice President for Latin America and the Caribbean, World Bank; Juan Carlos Vega Malo, Minister of Finance of Ecuador; Betty Armida Sotelo Bazan, Vice Minister of Finance of Peru; Carlos David Guachalla Terrazas, Vice Minister of Finance of Bolivia; Renata Amaral, Secretary of International Affairs, Ministry of Planning and Budget, Brazil; Janet Yellen, Secretary of the US Treasury; Ilan Goldfajn, IDB President; Marina Silva, Minister of Environment and Climate Change, Brazil; Marta Juanita Villaveces Niño, Vice Minister of Finance of Colombia; Susana Muhamad, Minister of Environment of Colombia; Vickram Outar Bharrat, Minister of Natural Resources of Guyana; Tarachand Balgobin, Minister of Finance of Guyana; Jade Tjon, Advisor to the Suriname Board of Directors at the IDB}