WASHINGTON, CMC – The Inter-American Development Bank (IDB) says it has signed an agreement with Latimpacto to support solutions with social and environmental impact that contribute to reducing greenhouse gas emissions in Latin America and the Caribbean (LAC).
Latimpacto is a network that brings together over 200 impact funders who provide human, intellectual, and financial capital in the LAC.
The IDB said through its innovation laboratory, IDB Lab, it will provide initial funding of US$3.8 million, to which contributions from private and strategic partners are expected to be added.
It said this partnership aims to reduce or avoid about 6.2 million tons of carbon dioxide by its fifth year and support between 400 and 500 entrepreneurs and startups that generate decarbonization solutions in Latin America and the Caribbean or that can benefit from them.
”A combination of resources and knowledge and an innovative and inclusive approach will support high-impact ventures, strengthen the impact ecosystem in the region, and finance inclusive initiatives that provide solutions for the decarbonization of value chains.
“Its goals include the efficient management and recovery of hectares of land and forests contributing to CO2 emissions reduction and the development of activities promoting the restoration and sustainable use of land.”
The IDB said it is funded by resources from its Amazon Initiative under the Amazonia Forever Programme framework. The partnership focuses on initiatives promoting net-zero solutions in the Amazon basin to identify and accelerate innovative ventures endorsing the sustainable use of nature in agroforestry, soil restoration, or other ecosystem services.
“Solutions will need an inclusive and empowering approach for vulnerable populations, an environmental approach of protection and restoration, and a climate approach to protect the Amazon basin. Women will lead at least 40 percent of these initiatives or have women in leadership positions.”
The IDB said the alliance will have a particular, although not exclusive, focus on Amazon. It will offer a response to current challenges to promote decarbonization solutions and be capable of contributing to the fulfillment of the Paris Agreements.
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