DUBAI – The Inter-American Development Bank (IDB) announced today the first nine eligible projects that will be part of the IDB CLIMA pilot program. IDB CLIMA is an innovative financial approach that rewards borrowers for achieving nature and climate objectives. The reward is provided in the form of a grant, in the amount of 5% of the IDB loan principal.  

IDB CLIMA’s goal is to help countries access green and thematic debt markets to mobilize capital for climate and nature investments at a larger scale. IDB CLIMA will initially fund ten pilot projects, with a total lending envelope of $1 billion. The first nine countries that will be participating in the program are Barbados, Belize, Brazil, Chile, Colombia, the Dominican Republic, Paraguay, Suriname and Uruguay. The complete list of projects and participating countries will be announced at the IDB’s Annual Meeting in March 2024. 

IDB President Ilan Goldfajn celebrated the accomplishment at the United Nations Climate Change Conference, COP 28: "Demand has been superior to what we expected, and our teams are already working with our partners in the region to deploy these first pilot projects. We welcome this opportunity to showcase how IDB CLIMA can support our full range of borrowers in meeting their national climate and nature commitments.” 

To be eligible for the reward, borrowers must meet three key performance indicators (KPIs) that are designed to help them fully benefit from green and thematic debt markets. These are related to setting ambitious environmental targets, identifying the proper policies and expenditures to meet these targets, and being able to measure and report on their progress in a timely manner. 

--------------

Latin America and the Caribbean at COP28  

The countries of Latin America and the Caribbean are a critical part of the solution to global climate change challenges. In the IDB Pavilion of the Americas, the Bank is hosting more than 30 events with international leaders and experts to showcase initiatives on climate action, from cutting-edge financial instruments to the conservation and sustainable use of natural resources, the Amazon, a just economic transition, and more. Journalists covering COP28 on site are welcome to visit the pavilion, with no registration required. Consult the event schedule here. For journalists covering COP28 remotely, register to access broadcasts of selected events. 

Location: IDB Pavilion of the Americas at Blue Zone, Opportunity District (OA04G2), Pavilion #56  

About the IDB  

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. Take our virtual tour.