CAF, World Bank to increase support for climate action and biodiversity in the Caribbean

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CAF, the development bank of Latin America

GLASGOW- CAF, the development bank of Latin America, and the World Bank announced at the United Nations Climate Summit, COP-26, they will work together to implement climate action plans and strategies and protect biodiversity in Latin America and the Caribbean (LAC). 

“This partnership will strengthen support to LAC countries to help them achieve their Nationally Determined Contributions (NDCs), as well as the goals of the Paris Agreement and the post-2020 Global Framework for Biodiversity,” said the Washington-based World Bank in a statement. 

“It will ramp up green financing to the region to better adapt to climate change, reduce emissions and make ecosystems more sustainable,” it added. 

Mainly, the World Bank said this partnership aims to identify and prioritize opportunities for synergies between the two institutions to take actions of high impact that benefit the region’s climate and biodiversity; boost resilient growth to create greener and more inclusive economies post-COVID-19; and encourage LAC countries to update and implement plans and strategies to meet their NDCs, to comply with the Paris Agreement and the Global Biodiversity Framework. 

The bank said the partnership also aims to increase green financing to the region; promote the participation of the private sector in the implementation and funding of actions in support of the Paris Agreement and the Global Biodiversity Framework; encourage measures in critical sectors, including agriculture, energy, forests, water, marine-coastal areas, urban development and sustainable cities and disaster risk management; and improve the conservation of strategic ecosystems in the region, including the Amazon, wetlands, moors, and marine-coastal areas. 

“Climate change demands immediate actions to mitigate its potentially devastating effects, improve resilience to climate-related events and build greener and more sustainable economies,” said Carlos Felipe Jaramillo, World Bank Vice President for the Latin America and Caribbean Region. “Coordinated actions and cooperation towards these common goals will allow for faster and better results than benefiting all.”

Sergio Díaz-Granados, CAF executive president, said Latin America and the Caribbean need to address “the unpostponable call for action to enhance all necessary measures aimed at climate mitigation and adaptation to assure timely resilience for climate extreme variability effects.

“CAF and the World Bank will work closely, with a full commitment to increase national and regional capabilities towards a faster green recovery post-COVID-19 and promote solid sustainable growth for the region,” he added. 

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