Wednesday, May 29, 2024
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HomeNewsCaribbean NewsIDB to align operations to Global Biodiversity Framework

IDB to align operations to Global Biodiversity Framework

WASHINGTON, USA – The Inter-American Development Bank (IDB) is committed to increasing its nature-positive finance and will continue its process to develop a green finance target.

The IDB will also continue leading work with other multilateral development banks (MDBs) to develop a commonly agreed definition of nature-positive finance and a tracking methodology for the second quarter of 2023. The IDB announced its progress during the 15th UN Biodiversity Conference (CBD COP15), which is being held in Montreal, Canada.

A nature-positive economy can unlock $10 trillion in business opportunities by transforming the food, infrastructure, and energy sectors, which are responsible for almost 80 percent of nature loss. “At the IDB, we understand that supporting nature-positive investments is critical for the economies and people of Latin America and the Caribbean, and the global climate target of net-zero emissions by 2050,” said Juan Pablo Bonilla, manager of the climate change and sustainable development sector.

The IDB is working to implement the IDB-led MDB Joint Statement on Nature, People, and Planet from COP26.  From 2015 to 2020, the IDB invested over $800 million in 28 projects with nature-based solutions components.  These projects leveraged an additional $437 million in financing from partners, amounting to nearly $1.25 billion in total project financing.

As part of an alignment with the UN’s Global Biodiversity Framework (GBF), the bank has developed an action plan for mainstreaming natural capital and biodiversity across the institution for approval in early 2023. In addition, through concessional resources, the bank supports countries in mainstreaming biodiversity across their governments, valuing natural capital, and integrating nature into planning processes. The IDB will accelerate this work to support the region in implementing the GBF and is initiating a process to review the portfolio’s exposure to biodiversity loss.

The bank approved a $100 million debt-for-nature swap project in Barbados that channels 100 percent of savings to conservation and marks a significant milestone for the IDB in helping its member countries to leverage innovative financial solutions to address biodiversity and climate change. The IDB was the first MDB to use such instruments and has several similar transactions in the pipeline.

Through the Natural Capital Lab (NCL), the IDB continues to work with partners such as France and the UK to deploy funds for ecosystem conservation. Through the Amazon Initiative, the IDB is supporting Brazil, Colombia, Ecuador, and Suriname, incorporating regenerative activities in the Amazon Basin.

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