CAF Reaffirms Commitment to Becoming Latin America’s Green Bank at COP26
During COP26 in Glasgow, CAF presented the main lines of action to become Latin America’s green bank and support the countries of the region in their commitments to environmental conservation, preservation of natural ecosystems and energy transition. During the summit, the agency announced that it will mobilize USD 25 billion over the next five years to promote green growth in the region.
More than 40,000 international climate experts met in Glasgow for COP26, a global summit that was set to revise expectations of GHG reduction, to achieve carbon neutrality by 2050. For Latin America, the challenges were to expand financing to adaptation and mitigation initiatives; position itself as a key player in the still incipient carbon market; and to aim for nature-based solutions.
During COP26, CAF announced that it will allocate USD 25 billion over the next five years to promote green growth in the region. The multilateral organization proposes a green strategy that promotes climate action, biodiversity conservation, energy transition and nature-based solutions. To this end, it will mobilize its own financial resources and align the interests of public and private players around environmental and social responsibility and the reduction of greenhouse gas emissions. The institution’s green financing is set to increase from 24% in 2020 to 40% in 2026, and all its operations will be aligned with the objectives of the Paris Agreement.
As part of this new green agenda, CAF also announced that it will contribute USD 1 million to preserve biodiversity and the use of marine and coastal resources of the Eastern Tropical Pacific Seascape, a region shared by Colombia, Costa Rica, Ecuador and Panama, which generates USD 3 billion annually mainly from fishing, tourism and maritime transport.
CAF also carried out the following activities during COP26:
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