IDB Group sets climate-related financing at annual floor of 30% until 2023
The Board of the IDB Group has set the financing related to climate change to an annual floor of 30% for each of its groups, which includes the Inter-American Development Bank, IDB Invest and IDB Lab, for the next four years.
In particular, the IADB has set the goal that 65% of its annual project approvals include investments in adaptation and mitigation to climate change; that 100% of projects categorized as high risk include risk analysis and resilience measures by 2023; and that 100% of country strategies take into consideration nationally determined contributions or long-term decarbonization strategies.
In financial terms, the IDB Group doubled its climate financing in the last four years. In 2019, it achieved a record approval of 29% in climate-related financing, equivalent to $5 billion.
The announcement was made in IDB Group's 2020-2023 Corporate Results Framework.
