PANAMA CITY – The Inter-American Development Bank (IDB) and Canada have partnered to encourage the adoption of nature-based solutions (NBS) in Latin America and the Caribbean through a new CAD$5 million program funded by the government of Canada.
The biodiversity of Latin America and the Caribbean is under rising pressures, with climate change as one of the most prominent drivers of biodiversity loss. As the climate and biodiversity crises escalate, NBS have emerged as a crucial tool to preserve, sustainably manage and restore ecosystems. These solutions offer a cost-effective way to mitigate the impacts of climate change and promote resilience, while also safeguarding biodiversity.
The newly established program aims to improve the integration of biodiversity and ecosystem services, increase private-sector investment, enhance national-budget allocation and promote gender-responsive NBS-related policies. In addition, the program seeks to create the enabling conditions in target countries to build climate resilience and protect ecosystems while generating opportunities to implement NBS that address the needs of the infrastructure and agriculture, forestry, and other land use (AFOLU) sectors.
The development of these NBS will incorporate a gender-responsive approach, acknowledging that the impacts of climate change can exacerbate existing gender inequalities and that women are important decision-makers in the use of natural resources. Additionally, the initiative seeks to encourage private-sector investment in NBS, which is key to bridging the funding gap for restoring nature and achieving long-term effectiveness.
Complementing work on biodiversity mainstreaming and finance underway by the IDB’s Natural Capital Lab program, the project will support a minimum of four countries and work directly with 250 beneficiaries representing the government, the private sector and civil society.
“We are honored to strengthen our partnership with Canada by encouraging nature-based solutions, which are uniquely positioned to deliver benefits across multiple sectors and can serve as tools to both mitigate and adapt to climate change,” said Ilan Goldfajn, president of the IDB.
“Canada is pleased to support the IDB’s innovative work to encourage the adoption of nature-based solutions in Latin America and the Caribbean to help countries mitigate the impacts of climate change and protect ecosystems,” said Emily McLaughlin, director of Global Affairs Canada’s Inter-American Affairs Division.
About the IDB
The Inter-American Development Bank’s mission is to improve lives. Founded in 1959, the IDB is one of the leading sources of financing for economic, social, and institutional development in Latin America and the Caribbean. The IDB also undertakes cutting-edge research projects and provides consultancy services on policies, technical assistance, and training to public and private clients throughout the region. Take our virtual tour.
About Canada’s International Assistance
Canada provides international assistance in approximately 150 countries and territories. Guided by its Feminist International Assistance Policy, Canada works in close collaboration with partners around the world. Canada’s international assistance helps millions of people lift themselves out of poverty and helps to create a more peaceful, inclusive and prosperous world.