ALIDE present at Egypt’s COP27
- Secretary General Edgardo Alvarez serves on panel organized by COFIDES dealing with efforts of the public and private sectors to fight climate change.
November 9, 2022 – The Latin American Association of Development Financing Institutions (ALIDE) is a participant at the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27) being held from November 6 to 17 in Sharm-El-Sheikh, Egypt.
At the meeting, ALIDE Secretary General Edgardo Alvarez gave a report entitled “Climate Finance for Private Sector Development: Challenges for DFIs. Public and private sector action to combat climate change,” as part of the panel organized by COFIDES in the Spanish Pavilion located in the blue zone.
Alvarez referred to the part played by development finance institutions (DFIs) and to the challenges created for infrastructure and agriculture by climate change. In that connection, he explained the importance of working to enhance food production by turning to technology and innovation to cut down on deforestation.
“The population is growing and we need more food. That is why more land is required for farming purposes. But increasing land use for agriculture brings with it problems of deforestation, something we do not want. The solution lies in increasing land productivity,” he pointed out.
He went on to add that ALIDE and the Latin American and Caribbean development banking systems are facing the challenge of “leaving no one behind” and for that reason are seeking private sector participation in the development programs, inasmuch as development and multilateral bank financing are not sufficient in themselves.
More about COP27
COP is the Conference of the Parties to the United Nations Framework Convention on Climate Change that has been held every year since 1995 to examine the environmental situation of the planet and arrive at concrete decisions for confronting global warming.
The purpose of the meeting is to reach the climate goals agreed upon in the framework of the Paris Agreement (signed at the Paris COP21 in 2015) and of the United Nations Framework Convention on Climate Change (UNFCCC).
COP27 seeks to elaborate further on the results of COP26 by taking measures like urgently reducing greenhouse gas emissions, building up resilience and adaptation to the inevitable consequences of climate change and working to comply with climate finance commitments in the developing countries.
About ALIDE
ALIDE is the community of financial institutions that produce banking solutions for Latin American and Caribbean development. Founded in 1968, its main purpose is to contribute to the region’s economic and social development by promoting the use of good development finance practices among its members. It is comprised of more than 80 member institutions operating in over 20 countries of Latin America and other regions of the world.
Contact
Communnication Unit of ALIDE
Phone: +511-203-5520 |: Ext: 227
comunicaciones@alide.org, comunicaciones2@alide.org
www.alide.org