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”Many countries within Latin America and the Carribbean need innovative ways to attract private investments for impressive climate activities. Finland really wants to collaborate and offer our knowledge with partners in the region regarding effective climate action, ” said Minister Skinnari.
Finnish Minister for Advancement Cooperation and Foreign Trade Ville Skinnari , on behalf of the Government associated with Finland, signed a share of EUR 50 million to the Fund. It will spend money on climate mitigation activities that reduce greenhouse gas emissions and increase the capacity associated with carbon sinks, as well as in climate adaptation activities to support sustainable business models plus vulnerable communities across the area.
IDB Invest will originate, implement and manage the Fund’s blended finance resources making use of various investment instruments, including debt instruments, guarantees and equity investments, as well as performance-based incentives.
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“Finland has been a key partner in our efforts to lead by example on climate change action as demonstrated by way of a recent entry to our NDC Pipeline Accelerator Multi-Donor Trust Fund. Today, we are expanding our partnership by establishing this blended finance Finance to address climate change within collaboration with the private industry and create meaningful opportunities for females and vulnerable communities throughout Latin America and the Carribbean, ” said James P. Scriven , IDB Invest’s Chief Executive Officer.
IDB Invest, a member of the Inter-American Development Bank Group, and Finland announces the particular establishment of the Finland-Latin America and the Caribbean Blended Fund Climate Fund.
The region will be facing adverse effects of weather change, which often impact ladies and people in vulnerable circumstances more severely. Finland is committed to curb climate modify and boost climate strength, while fostering equality and inclusion beyond its borders. The Fund will provide concessional financing to climate finance projects with a cross-sectoral concentrate on the poorest and most vulnerable countries and communities, gender equality, diversity, inclusion and biodiversity.
Finnish Minister for Development Cooperation plus Foreign Trade Ville Skinnari and James P. Scriven, IDB Invest’s Chief Executive Officer within the signing ceremony in Washington D. C. Copyright: Inter-American Development Bank
The Fund’s purpose is aligned with the IDB Group Climate Change Action Plan, which emphasizes the essential part that partner resources play in promoting sustainable development, in addition to and with the institution’s commitment towards the 2030 Agenda in Latina America and the Caribbean. Furthermore, the Fund will also be aligned with other donor trust money administered by the IDB Team with a mandate to invest in projects that contribute to climate alter mitigation and adaptation through private-sector financing.
This single-donor believe in fund will receive a share of 50 million pounds from Finland. The Finance will finance private field climate mitigation and adaptation projects in the LAC region.
Inquiries:
- Emmi Oikari, Director of the Unit for Development Financing and Private Sector Cooperation, tel. +358 295 three hundred and fifty 964
- The particular Ministry for Foreign Affair’s email addresses are in the format: firstname. lastname@formin. fi.
