CABEI supports the SICA countries in preparations for the next COP21
During the period 2010-2014, of more than 5,000 million dollars that the CABEI granted in loans, 67% was destined for projects of adaptation and mitigation of the climatic change.
San Salvador, November 13, 2015. - The Central American Bank for Economic Integration (CABEI) and the Ministers of Environment of the countries of the Central American Integration System (SICA) participated in the presentation of the position they will defend as a region at the "21st Conference of the Parties to the United Nations Framework Convention on Climate Change (COP21)" in order to reach an agreement on climate change, which will go into effect in 2020.
The joint objective of the countries of the Central American Commission on Environment and Development (CCAD) is to reach a legally binding agreement, which includes the subjects of adaptation, finance, loss and damage, as well as to establish a goal of keeping average global temperature increase below 1.5 °C. In addition, the CCAD seeks Central America’s recognition by the Convention as a region vulnerable to climate change impact.
In the face of the region’s great challenges to mitigate and adapt to climate change, CABEI has been supporting the efforts of the SICA countries to develop plans that reduce environmental impact and greenhouse gas emissions.
During the period from 2010 to 2014, CABEI allocated US$5.11 billion, equivalent to 67% of total approvals, to projects that benefit the adaptation and mitigation of the region’s countries to the effects of climate change.
With respect to climate financing, in 2015 CABEI has made great progress in terms of strategic alliances to support regional climate change mitigation efforts. One of the most noteworthy events was the Bank’s recent accreditation by the Adaptation Fund.
The accreditation will allow the financing of concrete adaptation activities to reduce the region’s vulnerability and increase its adaptive capacity to the impacts of climate change. Likewise, through the accreditation, the necessary groundwork to facilitate the formalization of CABEI’s accreditation by the Green Climate Fund was established.
