As part of the Latin America and the Caribbean Climate Week 2022 held this week in the Dominican Republic, the Inter-American Development Bank, IDB Invest and IDB Lab (IDB Group), organised a panel on ‘Financial Innovation to Combat Climate Change‘ to raise awareness on the importance of climate investment for the region and the support that IDB Invest can provide to the private sector.
The panel was moderated by IDB Invest’s chief investment officer, Gema Sacristán, and included prominent experts from the region who shared their experiences on climate investments in their respective countries, and highlighted challenges and opportunities.
Globally, each year US$5 trillion in investments is needed by 2030 in clean energy alone. In Latin America and the Caribbean, the decarbonization of economies could save billions of dollars, estimated at more than $600 billion per year by 2050.
In line with the priorities outlined for the IDB Group in its Vision 2025, a roadmap to accelerate inclusive and sustainable development in Latin America and the Caribbean, IDB Invest is partnering with companies to implement mitigation and adaptation strategies through tailored financial and non-financial products.
Latin America and the Caribbean Climate Week 2022 is taking place from July 18 to 22 in Santo Domingo, Dominican Republic. The event is organized by UN Climate Change, in collaboration with the UN Development Programme, the UN Environment Programme and the World Bank Group, and is hosted by the Government of the Dominican Republic.
The objective of the forum is to engage and empower stakeholders in the public sector, private sector and civil society to drive climate action.
The event has more than 100 panels that explore topics relevant to the private sector, such as resilience to climate risks, the transition to a low-emissions economy, and partnerships to solve the most urgent challenges in the region. It also constitutes a key step on the road to COP27 to be held in Sharm El-Sheikh, Egypt, in November.