Inter-American Development Bank prioritized climate change

The IDB held its annual meeting in the Nassau, Bahamas, from the 6th to the 10th of April. The event pretends to establish a common agenda between representatives, and set goals and courses of action for the year.

On this particular meeting, the environment was presented as a keystone topic, which caught the media by surprise, since the bank rarely addresses environmental issues.

Among proposals to address climate change, particularly to mitigate its economic effects and return some stability to the region, is an ambitious plan to double the volume of the banks financing of environmental projects from 2016 to 2020. The extra investment is sure to facilitate the region’s transition into a greener economy.

This is particularly important when considering that some studies show that rising sea levels due to climate change will bite off 2 to 4% off the Latin American regional GDP. The chief of bank’s Climate Change and Sustainability Division, Amal Lee-Amin declared “UN studies indicate that a one-meter rise in sea levels would mean that 30 percent of the region’s airports and 20 percent of the main tourist centers would disappear. In the case of the Bahamas, 80 percent of the nation would be flooded. That’s the wake-up call”.

When discussing the 2015 Paris Accord, which commits every signing country to a drastic drop in carbon dioxide emissions by 2020, Amin said “Now the Latin American and Caribbean countries have national commitments and are starting to focus on implementing the accord”.

These statements ratify a new sense of responsibility towards environmental issues, particularly climate change, and will go a long way in setting the region on course for a more sustainable future.

LatinAmerica Post |

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