CAF was accredited as the first regional implementing entity in Latin America and the Caribbean by the Fondo de Adaptacion (Adaptation Fund)
This decision offers Latin American countries the possibility to access resources from this fund through the Institution in order to address the effects of climate change.
(Caracas, May 7th, 2014). As a contribution to the sustainable development of the countries of the region, CAF, Development Bank of Latin America, helps in finding a solution to the global issue of climate change through financing and technical assistance for projects to adapt to varying climate conditions and the reduction of greenhouse gasses (GHG).
The Institution seeks to contribute to the adaptation to climate change by promoting and supporting the planned adaptation processes based on policies, plans, programs, and projects.
In this context, the Adaptation Fund recently announced CAF's accreditation as the first regional implementing entity for Latin America.
The decision makes it possible for the countries of the region to count on CAF as a new implementing entity that knows about the vulnerability of countries regarding climate change, and their investment needs to adapt to climate change in order to facilitate access to these resources.
Thus, the countries in the region have the possibility to access the Fund's resources through the Latin American financial institution in order to address specific projects and programs to adapt to the adverse effects of climate change, and the risks presented by this phenomenon. As stipulated in the Fund's mandate, it seeks to support projects and programs at a community, national, and cross-border level. Financing is aimed at adaptation expenses, that is, those associated to the application of specific adaptation activities.
Some of the Fund's strategies as a source of innovative financing are to support the adaptation priorities determined by countries, maintain coherence with pertinent national strategies regarding development, reduce poverty, and the climate change problem, all in accordance with CAF's principles and actions.
The Adaptation Fund was established to finance specific projects and programs in developing countries that are a part of the Kyoto Protocol and are vulnerable to the adverse effects of climate change. During the last three years, more than USD 190 million have been assigned to increase the resistance to climate change in 28 countries around the world, 10 of which are located in the region, to which USD 68 million have been allocated.
With this accreditation, CAF will leverage new resources to support the region with new projects that respond to the needs and challenges when facing adaptation to climate change.
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