CABEI reaffirms its commitment to environmental and social sustainability

Tegucigalpa, November 3, 2016. - The Central American Bank for Economic Integration (CABEI), which is the region’s main development financial institution, reaffirms its commitment to establishing guidelines that guarantee appropriate environmental and social management. The Bank has made significant progress to strategically address the challenges and opportunities in the field.

The CABEI Board of Directors recently approved the updating of the Environmental and Social Policy with a focus on incorporating the principles of good practices and standards; sustainable development financing; transparency; consultation and public participation.

CABEI Executive President Dr. Nick Rischbieth proudly stated that, “This update is part of the Bank's commitment to supporting the region and its member countries to implement climate change adaptation and mitigation initiatives.”

Dr. Rischbieth added that, “The modification to the environmental and social regulatory framework is part of the Bank’s efforts to adopt guidelines that ensure appropriate environmental and social management in order to support environmentally sustainable initiatives aimed at social development, competitiveness and regional integration.”

In this regard, CABEI Executive Vice President Attorney Alejandro Rodríguez Zamora commented that, “The policy is designed to promote the financing of programs and projects aimed at reducing greenhouse gas emissions and promoting clean power generation, sustainable transportation, urban development and food production.

Attorney Rodriguez also said that, “This amendment to the Environmental and Social Policy reaffirms the Institution’s commitment to promoting and supporting funding for climate change adaptation and mitigation.”

He also noted that to support this regulatory framework, CABEI will have an Environmental and Social Corporate Responsibility System, which will promote greater interaction among interest groups in order to avoid or minimize the risks and adverse impacts to people and the environment.

This tool is in line with the strategic priorities and focus areas established in the 2015-2019 Institutional Strategy "Integrating Sustainable Development and Competitiveness" and will strengthen the environmental quality of all the region’s countries, while seeking to motivate the financial system to create green financing mechanisms.

International Recognition

CABEI is the first organization of the SICA and the fifth worldwide to be accredited by the Adaptation Fund; it has also received the status of Permanent Observer on the Board of Directors of the Green Climate Fund.

In July 2016, CABEI was admitted as an intergovernmental observer organization of the United Nations Framework Convention on Climate Change, which reaffirms its commitment to achieving the goals set at the 21st Conference of the Parties on Climate Change (COP 21).