The IDB wants to invest $150 billion in projects against climate change in Latin America

The Inter-American Development Bank (IDB) hopes to focus $150 billion on projects to contain climate change over the next 10 years, the organization said in a statement Thursday. This would imply tripling this type of financing to become the first development bank to comply with the recommendations of the group of countries that make up the G-20.

In 2024, the IDB will assume the presidency of the Multilateral Development Banks (MDBs) and Regional Development Banks Heads (RDBs) Groups. In this role, the IDB will collaborate with the Brazilian G-20 Presidency to advance the reform agenda. In its statement, the institution said that it will create a program called “Amazonia Forever” to protect the natural wealth of that region. “The IDB Group is committing up to $5 billion in additional financing for the Amazon over the next 10 years for sustainable development projects, leveraging partnerships and funding from countries and other stakeholders,” the organization said.

The resources will be mobilized with the support of the member states as well as the anticipated recapitalization of its private-sector arm, IDB Invest. “As the home of the Amazon rainforest — one of the world’s primary carbon sinks — and thanks to the significant share of renewables in its energy mix and abundance of crucial mineral reserves for the green transition, the region is well-positioned to become part of the solution to global climate change challenges,” the statement says.

The announcement was made within the framework of the United Nations Climate Change Conference (COP28) taking place in Dubai. “Our reform priorities include focusing on making the Multilateral Development Banks work better as a system, harmonizing our rules and processes, including the continued coordination of climate and nature projects,” said IDB President Ilan Goldfajn.

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