The Angels. The Central American Bank for Economic Integration (CABEI), together with the Inter-American Development Bank (IDB), the Development Bank of Latin America (CAF) and the Caribbean Development Bank (BDC) in the framework of the Ninth Summit of the Americas in Los Angeles, announced an investment of US$50,000 million to support climate action in the region over the next five years.
“We hope that this financial solution contributes to mitigating the effects of climate change and global warming, and that it strengthens the execution of its initiatives towards sustainable development.”, stated the executive president of CABEI, Dr. Dante Mossi.
“CABEI has identified two major commitments; The first is to provide support so that member and beneficiary countries can execute programs and projects that meet the condition of being environmentally and socially sustainable. While the second is based on the fulfillment of the commitment to strengthen capacities to assess, measure and manage the risks and impacts that may arise from these initiatives.he added.
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This initiative, adopted by the multilaterals, will reflect the mandates issued, which may include the following elements:
• Allocation of resources for the preparation of Projectsincluding pre-feasibility and feasibility studies, to drive increased private sector investment in climate mitigation and adaptation.
• Incorporate elements in project approval decisions that promote the sustainable use of natural capital, the reduction of greenhouse gas emissions, the increase of climate resilience and the preservation of biodiversity.
• Adjust the deployment of venture capital to prioritize projects that offer Benefits to future generations of climate mitigation and adaptation projects.
• Increase support for national investment plans that drive the implementation of strong and ambitious Nationally Determined Contributions (NDCs), long-term strategies (ELP) and National Adaptation Plans (NAPs) in line with the goals of the Paris Agreement.
CABEI continues to promote a business model that promotes programs and projects that contribute to adaptation to climate change and, consequently, with greater social inclusion and quality of life, which is in line with CABEI’s Institutional Strategy 2020-2024 and the Sustainable Development Goals (SDG) 2030.
