IDB leads an agreement to integrate nature into multilateral banking

The Inter-American Development Bank (IDB) has led an agreement between multilateral entities around the world to integrate the protection of nature into their policies, analysis and operations.

The president of the BID, Mauricio Claver-Carone, revealed in the framework of the World Leaders Summit of the COP26 climate meeting the document “Nature, People and Planet”, Signed by multilateral development entities from Africa, Asia, Latin America, the Caribbean, Europe and the Middle East, as well as the World Bank Group.

“Natural capital is key in the post-COVID-19 recovery for Latin America, the Caribbean and the world. It can help create jobs, generate income, boost private sector investment, and resiliently protect critical ecosystem services”Claver-Carone stated.

“For that reason, at the Inter-American Development Bank we have redoubled our work on climate change and biodiversity over the last year.”Added the president of the organization, who stressed that the natural agenda constitutes a central pillar of the bank’s vision for recovery.

In his speech to the delegates at the COP26, which runs until November 12 in Glasgow (Scotland), Claver-Carone pointed out that the fact that the British Government commissioned the IDB to coordinate the agreement between the banks recognizes in the first place that Latin America and the Caribbean “play a crucial role in the global imperative for decisive action on climate change and nature”.

It also reflects that the host country and other leaders recognize the need to “move from words to action”.

The president pointed out that the Latin American and Caribbean region is one of the most diverse on the planet but also one of the most exposed to the risks of climate change.

Investments in projects to limit global warming to below two degrees Celsius by 2030 can create about 40 jobs for every million dollars invested, more than ten times more than investments in fossil fuels, highlights the BID.

The entity emphasizes that Latin America and the Caribbean are regions that contain key assets to contribute to putting into practice “nature-based solutions”To the problem of excess emissions.

The region is home to 40% of the world’s biodiversity, 30% of fresh water and close to half of the planet’s tropical forests.

However, these natural assets are not being exploited and the projects in the region “are far from reaching their full potential“, Mainly due to the lack of”technical knowledge, strategy and financing”, Indicates the BID.

For the past five years, the Inter-American Development Bank has implemented a new financing mechanism that works “from a holistic perspective”And is focused on improving the state of the climate and achieving“healthier ecosystems”As well as boosting green jobs and growth.

An example of this climate work is the Natural Capital Laboratory, dedicated to supporting innovative financial projects, which has contributed to promoting 28 plans that include “nature-based solutions”Worth more than US $ 800 million.

This year, the bank announced together with the Intrinsic Exchange Group the creation of a new class of natural capital asset on the New York Stock Exchange and has collaborated with the Government of Costa Rica so that its natural assets were the first to be offered. through that platform.

The tool “enable countries to unlock the intrinsic value of nature and attract institutional investors to the biodiversity space”, Underlines the BID.

With today’s announcement, the “multilateral community“Delves into his”commitment to take ambitious steps with the aim of realizing the potential development of nature and green recovery”, While protecting and regenerating the planet, said the IDB president.