Green Coalition of development banks wants to mobilize up to US$20 billion for the Amazon

The announcement took place during COP28 in Dubai, where the Green Coalition also launched its work plan for the next two years, the results of which will be presented at COP30 in Belem, Brazil, the city where this initiative was born.

Based on principles of collaboration and innovation, the Green Coalition will focus on designing financial solutions and providing technical support, promoting the scalability of environmentally and socially responsible businesses and projects in the Amazon.

The action plan articulates a comprehensive strategy around four fundamental lines of work. First, the Coalition will identify needs and integrate local development visions to support new financing opportunities for sustainable development projects. Secondly, the plan aims to develop common investment and financing frameworks specifically adapted to the conservation of the biodiversity of the Amazon and the well-being of local communities, understanding the unique needs of the region. Third, the plan includes the establishment of an innovation laboratory, focused on the joint design of region-specific financial instruments and technical assistance. Finally, the strategy encompasses the mobilization of concessional resources for the execution of these initiatives through the Coalition's public development banks.

In addition to mobilizing resources and technical assistance, the Green Coalition will seek to reduce financing barriers through loans and financing instruments for the Amazon, leveraging initiatives led by its members, the public development banks of the Amazon countries in Latin America. , including CAF -development bank of Latin America and the Caribbean-, the Inter-American Development Bank (IDB) and the Brazilian Development Bank (BNDES) and international partners such as the World Bank.

The Amazon region is critical to ecosystems worldwide, providing 40% of Latin America's fresh water and regulating immunological and hydrological cycles for the South American subcontinent. Given the growing scientific consensus that the Amazon basin is reaching an ecological "tipping point", there is a pressing need to adopt measures to protect the biome taking into account the social and economic development of the region.

About the Green Coalition

Formed after the Amazon Summit, the Green Coalition brings together 20 development banks in a strategic alliance to catalyze sustainable economic development in the Amazon region. Focused on social well-being and sustainability, the coalition is dedicated to fostering businesses and initiatives that embody socio-environmental responsibility and sustainability.

With a vision deeply rooted in protecting global biodiversity and climate, the coalition aims to mitigate poverty, hunger and social disparities, especially in indigenous and traditional communities. The Green Coalition's approach focuses on combining financial innovation and technical support to cultivate growth that respects and revitalizes the Amazon, pursuing a future in which economic prosperity and ecological integrity coexist, benefiting both local communities and to the global ones.