ALIDE gathers development banks at COP25 and renews efforts to intensify climate cooperation
December 15, 2019.- In the framework of the United Nations Conference on Climate Change 2019 (COP25), representatives of the development banking sector made presentations, finalized arrangements to carry out activities and signed cooperation agreements aimed at enhancing work commitments to advance sustainable development.
ALIDE accordingly organized the panel session “Making Finance work for Climate: the Role of Development Banks”, in coordination with the International Development Finance Club (IDFC), Banco de Desenvolvimento de Minas Gerais (BDMG) and the Inter-American Development Bank (IDB).
The event offered a venue for the discussion and exchange of ideas on the lessons learned by development banks with regard to the financing of projects with an impact on the Sustainable Development Goals (SDGs) and measures for implementing a green economy and identifying related gaps, risks and opportunities.
The panel brought together high-level executives of the European Investment Bank (EIB), BDMG, Spain’s Instituto de Crédito Oficial (ICO), Germany’s KfW Development Bank (KfW), CAF – Development Bank of Latin America, Banco Nacional de Desenvolvimento Econômico e Social (BNDES), and the Organization for Economic Cooperation and Development (OECD), among other banks and organizations.
Initiatives and commitments
The IDB, on another note, announced the creation of the Green Bond Transparency Platform (GBTP), a digital tool to enhance the transparency of the market for this financial instrument in Latin America and the Caribbean. The international organization also signed a joint declaration with the German Federal Ministry for Economic
Cooperation to contribute to the future growth and development of the green bond market in the LAC region. At the same time, Compañía Española de Financiación del Desarrollo (Cofides) and BDMG signed a collaboration agreement whereby the two institutions pledge to work together to advance productive and commercial ventures, strategic alliances and cooperation for enterprise development.
ALIDE is the community of financial institutions that generates solutions in Latin America and the Caribbean. Its main objective is to contribute to the economic and social development of the region, through good practices in the financing of development, the promotion of its members, through cohesion activities and strengthening the participation of financial institutions in the process regional economic.