Germany, IDB create fund to finance green fiscal policies

Glasgow, United Kingdom, Nov 2 (EFE).- The Inter-American Development Bank and Germany announced Tuesday the creation of a fund of $20 million (17.2 million euros) to support fiscal policies that help achieve the goals of the Paris Agreement on climate change.

The fund donated by the Government of Germany was presented on the second day of the COP26 climate summit that runs until November 12 in the Scottish city of Glasgow.

“The partnership of Latin America, the Caribbean and Germany is very important to us, given the great power of the region for innovation in climate action and the fundamental role that it has in achieving the objectives of the Paris Agreement,” said Jochen Flasbarth, Germany’s State Secretary at the Ministry for Environment, Nature Conservation and Nuclear Safety.

The IDB-managed fund is to be used to support technical assistance projects in each country and to create a platform to share knowledge, good practices and implement fiscal policies related to the planet’s climate crisis.

IDB President Mauricio Claver-Carone said there were “tremendous opportunities” to accelerate growth and recovery in the region with fiscal policies that favor investment in “green” projects and that reinforce Latin America’s capacity to respond to natural disasters.

Latin America is one of the richest regions in the world in biodiversity and home to the planet’s green lung: the Amazon. EFE


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