Columbia was the first Latin American country to join the CFLI initiative (Climate Finance Leadership Initiative), initiative led by Michael R. Bloomberg, United Nations Special Envoy that summons the financial sector to support climate action in the country.
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CFLI Colombia focuses on Closing the funding gap for climate initiatives and in identifying policy solutions in support of the government’s environmental objectives, detailed in the National Development Plan and the National Climate Finance Strategy.
The initiative also aims to accelerate Colombia’s commitment to comply with its Nationally Determined Contributions (NDC’s) within the framework of the Paris Agreement, which includes the commitment to reduce greenhouse gas emissions by 51% by 2030 and achieve carbon neutrality by 2050.
“By driving more capital into sustainable investments, CFLI Colombia can accelerate the country’s climate progress and create a role model for nations throughout Central and South America. We look forward to working with President Petro and his administration on this important initiative.”, noted Michael R. Bloomberg.
For her part, Susana Muhamad, Minister of Environment and Sustainable Development, assured that “during COP27, we focus our efforts on achieving important results for the region And within those proposals, led by President Gustavo Petro, we are working to propose a reform of the multilateral financial system, since it is clear that the emergency and calamity in the post-covid situation cannot be resolved with more indebtedness. That is why we promote figures such as deleveraging and the debt-for-nature swap, which are in line with CFLI Colombia and which will become a strategic actor for the fulfillment of our climate action goals.”
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The Minister of Finance, José Antonio Ocampo, said that climate change “It is the challenge of the century and to face it, the commitment and joint action of all sectors is necessary.”.
Bloomberg announced the 12 founding members of CFLI Colombia: Bancóldex, Bancolombia, Brookfield Asset Management, BBVA Colombia, Ecopetrol, Enel Group, Financiera de Desarrollo Nacional, Grupo Argos, Grupo Bolívar, JP Morgan, Macquarie Group, as well as Seguros Sura Colombia . The initiative is co-chaired by Juan Carlos Mora Uribe, president of Bancolombia, and Mario Pardo Bayona, president of BBVA Colombia.
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