CABEI and regional multilaterals to invest US$50 billion for climate action over the next five years

[Translate to English:]
[Translate to English:]

Dr. Dante Mossi "we aspire to strengthen financial mechanisms to anticipate and address the challenges faced by the region against the effects of climate change.

Los Angeles, United States of America June 9th. – The Central American Bank for Economic Integration (CABEI), along with the Inter-American Development Bank (IDB), the Development Bank of Latin America (CAF) and the Caribbean Development Bank (CDB) at the Ninth Summit of the Americas in Los Angeles, announced an investment of US$50 billion to support climate action in the region over the next five years.

"We hope that this financial solution will contribute to mitigating the effects of climate change and global warming, which will strengthen the execution of its initiatives towards sustainable development," said CABEI Executive President 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. The second is based on the commitment to strengthen capacities to evaluate, measure and manage the risks and impacts that may result from these initiatives," he added.

This initiative, adopted by the multilaterals, will reflect the mandates issued, which may include the following elements:

  • Allocation of resources for project preparation, including pre-feasibility and feasibility studies, to leverage greater private sector investment in climate mitigation and adaptation.
  • Incorporate elements in project approval decisions that promote the sustainable use of natural capital, reduction of greenhouse gas emissions, enhancement of climate resilience, and preservation of biodiversity.
  • Adjust the deployment of risk capital to prioritize projects that provide benefits to future generations of climate mitigation and adaptation projects.
  • Increase support for national investment plans that drive the implementation of robust and ambitious Nationally Determined Contributions (NDCs), long-term strategies (LTSs) and National Adaptation Plans (NAPs) in line with the objectives of the Paris Agreement.

CABEI continues to promote a business model that promotes programs and projects that contribute to climate change adaptation and, consequently, to greater social inclusion and quality of life, which is in line with the CABEI 2020-2024 Institutional Strategy and the 2030 Sustainable Development Goals (SDGs).