IDB Group and Climate Action Position Paper for COP26

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Oct 2021
In the context of the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP 26, UNFCCC) in Dublin, the IDB Group has established a more ambitious agenda on climate change action. This includes new targets for green and climate finance, and the alignment of all its new operations with the Paris Agreement. These goals are part and parcel of IDB Group's commitment to support a sustainable and resilient economic recovery in all 26 borrowing member countries in Latin America and the Caribbean.

This position paper describes the groundwork that the IDB Group will build upon to reach these new targets, which includes a wealth of climate flagship initiatives in the region and innovative financial instruments to catalyze private capital mobilization. It also describes the country-centric approach that IDB Group will take when promoting Paris Alignment of all its financial flows, and the roadmap that has been traced to enhance collaboration and partnerships along the way. A strong emphasis is made on the value of nature-based solutions, which offer opportunities to mitigate emissions cost-effectively while strengthening adaptation capacities. A prime example of this, is the Amazon Initiative, which will spur economic development while addressing climate priorities in this critical ecosystem, not only for the region, but for the international community as well.

IDB Group identifies a growing momentum for climate action and for the improvement of local environmental conditions, both within countries and in global capital markets. This is the basis for a renewed commitment to support a just economic recovery through enhanced ambition in green and climate investments. With the adequate tools and innovation, the IDB Group will lead the region to a future where investment gaps are bridged and climate commitments are achieved.