July 2023 - Green Finance LAC

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July 2023

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July 2023

IDB Invest and Banco Bolivariano announce the issuance of the world’s first blue bond with target-based incentives

The resources from the bond placement of the bond have as their main purpose the conservation of the oceans through the promotion and expansion of access to credit for the sustainable production of shellfish, water and wastewater management, and solid waste management and the circular economy. The issuance also includes a just transition component by promoting the participation of micro, small and medium-sized enterprises (MSMEs) in the supply chain in the different uses of funds.

Chile places the first sovereign sustainability-linked bond in local currency

The SLB bond is subject of the following targets:
• Achieve annual greenhouse gas (GHG) emissions of 95 MtCO2eq before December 31st, 2030.
• Achieve a maximum GHG budget of 1,100 MtCO2eq between January 1st, 2020 and December 31st, 2030.
• Reach at least 40% of women in Board positions of reporting companies, subject to the supervision of the Financial Market Commission, as of December 30th, 2031.

Common Framework of Sustainable Finance Taxonomies for LAC

On July 3rd took place the launch event of the Common Framework of Sustainable Finance Taxonomies for Latin America and the Caribbean (LAC) developed by the LAC Working Group on Sustainable Finance Taxonomies and funded by the European Union through the EUROCLIMA+ Programme.

It aims to serve as a catalyst for progress towards sustainable finance implementation, offering LAC member states a regional alignment approach to unlock opportunities and financing for long-term value creation, shared prosperity, and sustainable development in the region. It establishes steering principles to improve comparability and ensure interoperability of taxonomies in the region and internationally.

IDB – Aligning financial flows to the goals of the Paris Agreement

The IDB Group “Paris Alignment Implementation Approach” (PAIA) is proposed as an analytical tool that encompasses a set of principles, a methodology, and technical guidance for project teams to assess, during project preparation, the alignment of new operations with the mitigation and adaptation goals of the PA. The scope of the PAIA’s application covers all investment loans, policy-based loans, guarantees, equity, investment grants with an approved amount greater than 3 million dollars, and long-term corporate finance.

☆ Featured Resource ☆

4th edition of the Finance in Common Summit

The event, which for the first time will take place in Latin America, will be held from September 4 to 6, 2023 at the Cartagena de Indias Convention Center, with the support of the FICS General Secretariat and the Agence Française de Développement (AFD).

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