The Inter-American Development Bank (IDB) announced today its support for the launch of Sustainable Colombia, a country-wide initiative based on the UN Sustainable Development Goals (SDGs) that takes a systemic approach to addressing rural development, climate change, environmental sustainability, social inequality in areas characterized by armed conflict. IDB support for the creation of the initiative has included grants totaling $1.5 million, with a focus on program coordination, the formulation of a pipeline of investment projects, and work on the international climate change agenda, including conservation and biodiversity.
In order to provide a financing platform for the initiative, the Government of Colombia has created the Colombia en Paz account in its 2016 Budget Law, which will function as a holding account and a matching mechanism to co-finance projects, assuring consistency between governmental and international resources. Planned on a 15-year horizon with three tranches, Sustainable Colombia’s first tranche has a funding goal of $1.9 billion, of which $600 million will be funded with new international resources.
Following international benchmarks, Sustainable Colombia will have monitoring systems designed to ensure transparency and standardization of data collection, processing and verification. The initiative’s social and environmental indicators will be in line with existing national and international commitments including the country’s National Development Plan, the SDGs, and the UN COP21 climate conference-related Intended Nationally Determined Contributions (INDCs) for reduction of greenhouse gas emissions.
After years of armed conflict, the Government of Colombia is committed to the peace process, and is seeking combine conflict resolution with efforts to open job opportunities and a focus on sustainable rural development and green growth. Currently in Colombia 58 percent of all deforestation takes place in municipalities with the highest conflict levels. Climate change could exacerbate the situation - changed hydrological conditions and an increase in the average temperature could reduce Colombia’s yields of corn, rice and potatoes by 7.4 percent by the year 2100.
Planned on a 15-year horizon with three tranches, Sustainable Colombia’s first tranche has a funding goal of $1.9 billion, of which $600 million will be funded with new international resources. The Initiative will focus on rural development, environmental sustainability, and climate change in areas characterized by armed conflict.
The initiative will incorporate inputs from its High-level Advisory Group, which will provide non-binding strategic advice and recommendations regarding the mobilization of international financing. The launch of Sustainable Colombia took place during the United Nations COP21 climate conference in Paris.
About the IDB
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source oflong-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.
- John Ferriter