The Inter-American Development Bank (IDB) – through its innovation laboratory, IDB Lab – and Latimpacto have signed an agreement to support solutions with social and environmental impact that contribute to the reduction of greenhouse gas emissions in Latin America and the Caribbean.
With initial funding of $3.8 million, to which contributions from private and strategic partners are expected to be added, this partnership aims to reduce or avoid about 6.2 million tons of carbon dioxide by its fifth year, and provide support to between 400 and 500 entrepreneurs and startups that are generating decarbonization solutions in Latin America and the Caribbean or that can benefit from them.
A combination of resources and knowledge and an innovative and inclusive approach will support high-impact ventures, strengthen the impact ecosystem in the region and finance inclusive initiatives that provide solutions for the decarbonization of value chains. Its goals include the efficient management and recovery of hectares of land and forests contributing to CO2 emissions reduction and the development of activities promoting the restoration and sustainable use of land.
Funded by resources from the IDB's Amazon Initiative under the Amazonia Forever Program framework, the partnership focuses on initiatives promoting net-zero solutions in the Amazon basin with the aim of identifying and accelerating innovative ventures endorsing the sustainable use of nature in agroforestry, soil restoration or other ecosystem services. Solutions will need to have an inclusive and empowering approach for vulnerable populations, an environmental approach of protection and restoration, and a climate approach in order to protect the Amazon basin. At least 40% of these initiatives will be led by women or have women in leadership positions.
The alliance will have a particular, although not exclusive, focus on the Amazon. It will offer a response to current challenges to promote decarbonization solutions and be capable of contributing to the fulfillment of the Paris Agreements. By identifying solutions with technological and nature-based approaches, it aims to catalyze a profound change in the fight against climate change and the protection of the environment.
About IDB Lab
IDB Lab is the innovation laboratory of the IDB Group, the leading source of development finance and know-how for improving lives in Latin America and the Caribbean (LAC). The purpose of IDB Lab is to drive innovation for inclusion in the region by mobilizing financing, knowledge, and connections to test early-stage solutions with the potential to transform the lives of vulnerable populations affected by economic, social, and/or environmental factors. Since 1993 IDB Lab has approved more than US$ 2 billion in projects deployed across 26 LAC countries. www.idblab.org/en
About Amazonia Forever
Amazonia Forever is a holistic umbrella program that aims to protect biodiversity and accelerate sustainable development in three lines of action: expanding funding, boosting knowledge exchange, and facilitating regional coordination among the eight Amazonian countries. www.iadb.org/en/who-we-are/topics/Amazonia
About Latimpacto
Latimpacto is a network that brings together over 200 impact funders who provide human, intellectual, and financial capital in Latin America. Its goal is to help them maximize their impact through innovative knowledge, partnerships, and collaborations. Currently, Latimpacto and its sister networks collectively gather approximately 1,200 members worldwide. These networks operate similarly, each in its respective regions: EVPA in Europe, AVPN in Asia, and AVPA in Africa.
Manzano Guillen, Maria De Gador
