The Inter-American Development Bank (IDB) has renewed its accreditation as a Green Climate Fund (GCF) partner. The accreditation allows the IDB to continue channeling GCF resources to Latin America and the Caribbean (LAC).
The GCF Board first accredited the IDB in 2015 to help channel its resources for projects in the region. Since then, the GCF and the IDB have approved eight programs for $1.8 billion ($762 million in GCF financing and $964 million in expected co-financing). Recently approved Amazon Bioeconomy and E-Mobility for sustainable cities in LAC programs have demonstrated the IDB's competitive advantage in structuring sophisticated programs with a high potential for transformational impact and mobilization of additional resources.
GCF is the world’s largest climate fund and is guided by the principles and provisions of the United Nations Framework Convention on Climate Change (UNFCCC). GCF seeks to ensure investment decisions follow a transformational approach that promotes climate innovation and lowers investment risks to attract more financing. To align finance with sustainable development, it also seeks to evaluate climate risks and ensure opportunities are considered in investment decisions.
Matias Bendersky, IDB Manager of the Office of Outreach and Partnerships, said: "The GCF has been a crucial partner for us over the years, and renewing our cooperation will enable us to further increase our climate ambition and provide more innovative financing solutions to tackle the climate crisis.”
“Driving climate action requires transformational projects, and both GCF and IDB play a critical role in catalyzing investments toward low carbon and climate-resilient economies,” said Juan Pablo Bonilla, IDB Sector Manager, Climate Change and Sustainable Development.
The IDB will continue to leverage these resources to plan, prepare and execute GCF-funded projects to support developing countries in meeting their Nationally Determined Contributions (NDC) ambitions toward carbon-neutral and climate-resilient economies.
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 projects and provides policy advice, technical assistance, and training to the public and private sector clients throughout the region. Access our virtual tour.
Borges De Padua Goulart Janaina
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