The fund was launched during the second day of the 26th United Nations Climate Change Conference (COP26) in the Scottish city of Glasgow until November 12.
“The partnership between Latin America, the Caribbean, Germany and us is very important to us, considering the region ‘s best innovation capability in climate action and the fundamental role it plays in achieving the objectives of the Paris Agreement,” the German secretary of environment said. Security and Nuclear Security, Jochen Plaspart.
The fund, announced on Tuesday, will support technical assistance programs in each country and create a platform for knowledge, best practices and implementation of financial policies related to global climate emergencies.
According to IDB Chairman Mauricio Claver-Carone, there are “huge opportunities” to accelerate the region’s growth and recovery with fiscal policies that support investment in “green” projects and fiscal policies that strengthen Latin America’s ability to respond to natural disasters.
Funds donated by the German government, managed by a multilateral bank and focused on supporting green budgets, planning against global warming, carbon taxes, sustainable public-private partnerships and adaptation and mitigation policies. EFE
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