Governors’ commitment to lending target for climate change and $2.7 billion in new loan approvals among year’s highlights
ASUNCION, Paraguay - In 2016, the Inter-American Development Bank Group (IDB Group) approved nearly $2.7 billion in loans related to climate change and mobilized an additional amount of more than $1 billion, according to the annual Sustainability Report, released during the Bank's Annual Meeting. Argentina, Bolivia, Brazil, Chile, and Colombia ranked as the top five investors in climate action using IDB Group resources.
The Report highlights the Bank’s contributions to environmental and social sustainability in its lending operations and corporate activities in 2016, exploring sustainability topics across sectors by showcasing operations that the Bank financed in its borrowing member countries in Latin America and the Caribbean, as well as a variety of leading initiatives and knowledge products.
During the year, the IDB Group (including the Inter-American Investment Corporation) took important steps toward better assisting its member countries on these issues. The Bank’s Governors endorsed the ambitious goal that 30 percent of IDB Group financing would be climate-related by 2020.
The Bank also consolidated the functions, resources, and expertise in climate change, sustainable cities, and sustainable landscapes into a single Climate Change and Sustainable Development Sector to ensure a coordinated and consistent approach. Following the creation of that new department, the Bank began to pilot procedures to ensure that all proposed lending operations consider and address sustainability risks. On the social sustainability side, the IDB continues to encourage gender equality and diversity in all its operations, in line with its own institutional strategy and the UN Sustainable Development Goals.
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