IDB announces plans to triple direct, mobilised climate financing for Latin America, the Caribbean

The Inter-American Development Bank Group says it is planning to triple direct and mobilised climate financing for Latin America and the Caribbean to US$150 billion over the next decade with the support of its member countries.

The IDB says it also intends to raise the funds through the anticipated recapitalization of its private-sector arm, IDB Invest.

It says that by reaching this goal, the Washington-based financial institution would become one of the first multilateral development banks to fulfil the G20's recommendation that they triple climate financing.

The announcement was made by IDB President Ilan Goldfajn at the United Nations Climate Change Conference (COP28) underway in Dubai.

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