Green financing, key for development

In the framework of the third edition of the Green Latin America Awards, CAF, Development Bank of Latin America, held the Green Financing Forum, an event that brought together representatives from the best known international funds with the objective of explaining the mechanisms to attract funds for projects. 

During the opening of the event, Ligia Castro, CAF's Corporate Director for The Environment and Climate Change, explained the strategic programs managed by the Direction. Thus, she mentioned the work of the Institutional Environmental Management Unit, which has enabled CAF to have international environmental standards to catalyze green financing resources to support projects in the region.  In addition, she mentioned the evaluation and environmental and social follow-up of all of CAF's operations, and explained the tools that the institution has to monitor the execution of the projects and then determine their effective contribution to reduce emissions and climate risks. 

During her intervention, she mentioned the work of the program Environmental and Social Management for Financial Institutions, which has trained the commercial and development banking systems in Latin America, to provide them with tools for evaluation and environmental and social follow-up of its operations, as well as the work of the Climate Change and Green Businesses Unit to support the countries of Latin America in structuring projects to be presented to the Adaptation Funds, GEF, and GCF as Executing Agencies. Finally, she shared the words of CAF's Executive President, Enrique Garcia, which says: "We must multiply green financing that helps stop the deterioration of the planet and immediately go from commitment to action". 

After this intervention, the first panel of the morning started: ''Banca de Desarrollo en América Latina'' (Development Banking in Latin America). It included moderator Mauricio Velasquez, Principal Executive in CAF's Direction of The Environment and Climate Change; and the presence of panelists Rebeca Arias, Regional Director of UNDP for Latin America and the Caribbean; Matthieu Robin, Project Head of the French Development Agency; Milena González, Junior Professional Associate at GEF (Global Environmental Facility); Marcela Ponce, Advisor of the International Financial Corporation (IFC); and Marisela Vega, Executive at CAF's Direction of The Environment and Climate Change. 

During the forum each panelist explained the programs and projects promoted by their respective institutions in countries of Latin America, inorder to take actions that support the development of a low in carbon economy and resilient to climate change. 

The panelists coincided in that the loss of biodiversity and forests resulting from the change in the use of land and the high levels of carbon and methane emissions are some of the most serious problems faced by the planet, and that they constitute an essential threat for the development of the region. 

They also expressed the importance of developing and implementing public policies, regulations, plans, and projects that are well structured to allow the countries of Latin America and the Caribbean access to green financing. 

After this first forum came the panel "Fondos Verdes para el desarrollo de América Latina" (Green funds for the Development of Latin America), with the objective of addressing the different funds from financial institutions to access green credit. 

The panel included the participation of Sandra Abella, Regional Administrator of Eco Business Fund; Ana María Currea, Specialist in the GEF-UNDP Small Donations Program; Rafael Alonso, Manager of New Ventures; and Katarina Zdraljevic, General Manager of Banking Services at Banco Procredit.