CAF adheres to Glasgow Declaration on Tourism

The development bank of Latin America becomes the first multilateral organization to join the more than 450 organizations that have signed the Glasgow Declaration on Climate Action in Tourism, an instrument to help attain the global goals of halving greenhouse gas emissions over the next decade and achieve carbon neutrality by 2050.

January 19, 2023

CAF—development bank of Latin America—adhered to the Glasgow Declaration on Climate Action in Tourism during FITUR 2023, in a sign of its commitment to become the green bank of Latin America and the Caribbean and accelerate climate action in all industries of the region.

The adherence coincides with the creation of a new area on sustainable, regenerative tourism, which will support tourism development, which, in addition to driving economic growth and job creation, contributes to mitigating the effects of climate change, preserving biodiversity, enhancing cultural heritage and boosting key industries such as transport, hospitality, catering and gastronomy.

By adhering to the Glasgow Declaration on Climate Action in Tourism, CAF commits to the following:

  • Supporting the reduction of emissions by half by 2030 and achieving carbon neutrality by 2050.
  • Delivering climate action plans within 12 months of becoming a signatory, and implementing them.
  • Aligning corporate plans with the five indicators of the declaration: measurement, decarbonization, regeneration, collaboration, financing.
  • Reporting publicly every year on the progress of intermediate and long-term objectives, as well as on the actions being taken.
  • Working in a spirit of collaboration, sharing good practices and solutions, and disseminating information to encourage more organizations to join in attaining the goals of the Declaration.

Tourism is one of the most important industries of Latin American economies. In 2019, it accounted for 42% of total exports from the Caribbean and 10% from Latin America. The tourism economy, which includes all sectors orbiting around service to travelers, accounted for 26% of total GDP in the Caribbean, and 10% in Latin America. It also created 35% of jobs in the Caribbean and 10% in Latin America.

CAF’s new strategy in regenerative tourism

CAF has opened a new office in the Dominican Republic, to promote the development of living, regenerative tourism in Latin America and the Caribbean, which, in addition to avoiding negative impact on the environment, contributes to restoring and improving natural and cultural heritage, effectively and equitably enhancing its contribution to people’s well-being.  

These are the lines of action of CAF’s new tourism proposal:

  • Identity, Social Equity and Cultural Heritage. Supporting and guaranteeing the economic, social and cultural well-being of local host communities (rural communities, indigenous peoples and Afro-descendants) and thus help enhance respect for their rights and heritage, boost their relevance and incorporate their vision and knowledge to attain environmental, development and conservation goals. 
  • Biodiversity and ecosystem services. Supporting the protection, conservation and regeneration of marine, terrestrial and island ecosystems, and fostering biodiversity through the sustainable use of natural resources for economic benefits with minimal environmental impact. 
  • Vulnerability to natural disasters resulting from climate change. Reinforcing monitoring systems and adaptation measures to address extreme events, especially in small island states. 
  • Local and National Governance. Supporting local governments in their planning process, in an attempt to develop tourism plans at appropriate scales in coordination with national authorities, respecting the carrying capacity of the territories and linking all social stakeholders and sub-sectors in the tourism industry.
  • Sustainability and Circular Economy. Accelerating the industry’s decarbonization, attempting to reach neutrality by 2050, promoting new business models through innovative solutions based on the use and reuse of resources, ecological regeneration, energy efficiency, water resources management, the integration of circularity throughout the tourism value chain, based on the parameters of the framework for action of the Glasgow Declaration on Climate Action in Tourism and the Global Initiative on Tourism and Plastics. 
  • Urban Regeneration and Creative Economies:Underpinning the revitalization and preservation of tangible cultural heritage and the generation of Enabling Infrastructure for Creative and Cultural Economies (e.g. cultural centers, museums, galleries, theaters, creative districts) for the consumption of products or services produced by the industries where it is experienced, where people participate in creativity, art or culture, as well as the training of local talent.  

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