In October last year Inter-American Development Bank (IDB) announced that it is going to double its climate related projects by increasing financing by between 25 and 30 percent by 2020. The IDB was established in 1959, it offers long-term financing for economic, social and institutional development in Latin America and the Caribbean.
As reviewed in an October, 2015 press release, starting in 2018 the bank will begin screening projects for climate risks and resilience. This will ensure that money invested goes towards environmentally sustainable projects and achieves the stated goal of helping these countries to meet their INDC targets.
The IDB is working with private sector finance to provide financing for adaptation and resilience. As a newly consolidated entity the IDB will offer innovative financial products, such as green bonds.
Historically the IDB has devoted 14 percent of its financing to climate related projects between 2012 and 2014.
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