CAF Protects 710,000 Hectares of Tropical Forest in Colombia to Offset GHG Emissions

As part of its institutional environmental agenda, CAF—development bank of Latin America—has offset its Greenhouse Gas (GHG) emissions generated in 2020, thus managing to maintain its status as a carbon neutral organization. This effort aims to help address climate change and protect biodiversity based on its institutional commitment, help achieve the Sustainable Development Goals and contribute to the economic and social transformation of Latin America and the Caribbean. To this end, it bought 2,677 verified carbon units from the Bajo Calima – La Plata Bahía Málaga Project on Colombia’s Pacific Coast.

This project expects to reduce 14,961,575 tons of CO2e over a 30-year period, attributable to the avoided degradation and deforestation of native forests in area of influence, thus promoting the regeneration of 710,000 hectares of tropical forest and the protection of 70 endangered species, while providing sustenance to 1,497 families from 15 Afro-Colombian communities.

“The example starts at home. At CAF, we are committed to protecting biodiversity and contributing decisively to the fight against climatechange. We are pleased to join Colombia in the projects that prevent deforestation and forest degradation, coupled with other initiatives that we are supporting in the Amazon in Brazil and Peru. Our purpose is to become the Green Bank of Latin America and, with these actions, and by directing 40% of the financing towards sustainable initiatives over the next 5 years, we will continue to ensure the conservation of the planet and the well-being of the people,” said CAF executive president Sergio Díaz-Granados.

With this offsetting action, CAF reiterates its institutional commitment to sustainable development, incorporating eco-efficiency and sustainability criteria into its operations, and supporting for the third consecutive year projects linked to the fight against deforestation and forest degradation in Latin America, in line with the Paris Agreement on Climate Change, in addition to maintaining its status as a carbon-neutral organization.

The announcement of the offsetting of CAF’s 2020 carbon footprint was made in the framework of COP26 being held in Glasgow, in which the institution announced its Green Agenda, the institution’s guiding instrument for environmental and climate action with the countries of the region.