PANAMA CITY, Panama, CMC – Canada is funding a five million dollar (One CAD$= 0.73 cents) program to encourage the adoption of nature-based solutions (NBS) in Latin America and the Caribbean (LAC).
The Inter-American Development Bank (IDB), which is partnering with Canada on the project, notes that the biodiversity of Latin America and the Caribbean is under rising pressure, with climate change as one of the most prominent drivers of biodiversity loss.
“As the climate and biodiversity crises escalate, NBS has emerged as a crucial tool to preserve, sustainably manage and restore ecosystems. These solutions offer a cost-effective way to mitigate the impacts of climate change and promote resilience while safeguarding biodiversity.”
According to the IDB, the newly established program aims to improve the integration of biodiversity and ecosystem services, increase private-sector investment, enhance national-budget allocation, and promote gender-responsive NBS-related policies.
In addition, the program seeks to create the enabling conditions in target countries to build climate resilience and protect ecosystems while generating opportunities to implement NBS that address the needs of the infrastructure and agriculture, forestry, and other land use (AFOLU) sectors.
The development of these NBS will incorporate a gender-responsive approach, acknowledging that the impacts of climate change can exacerbate existing gender inequalities and that women are essential decision-makers in using natural resources.
Additionally, the initiative seeks to encourage private-sector investment in NBS, which is critical to bridging the funding gap for restoring nature and achieving long-term effectiveness.
Complementing work on biodiversity mainstreaming and finance underway by the IDB’s Natural Capital Lab program, the project will support at least four countries and work directly with 250 beneficiaries representing the government, the private sector, and civil society.
“We are honored to strengthen our partnership with Canada by encouraging nature-based solutions, which are uniquely positioned to deliver benefits across multiple sectors and can serve as tools to mitigate and adapt to climate change,” said IDB President Ilan Goldfajn.
“Canada is pleased to support the IDB’s innovative work to encourage the adoption of nature-based solutions in Latin America and the Caribbean to help countries mitigate the impacts of climate change and protect ecosystems,” said Emily McLaughlin, director of Global Affairs Canada’s Inter-American Affairs Division.