The Inter-American Development Bank (IDB) endorsed an alliance with the Green Climate Fund (GCF) for the creation of the first regional program that promotes electric mobility and green hydrogen in Latin America and the Caribbean.

The initiative knows as “E-Mobility Program for Sustainable Cities in Latin America and the Caribbean” aims to provide 450 million dollars in concessional loans and grants to nine countries to help transition to lower carbon emissions and promote better public resilient transportation. The program will help promote the green transition in Barbados, Chile, Colombia, Costa Rica, Jamaica, Panama, Paraguay, the Dominican Republic and Uruguay.

Both IDB and GCF will each provide 200 million dollars in financing, while the governments of the beneficiary countries are expected to provide an additional 50 million dollars in local co-financing.

Within the programme framework, a “Gender Action Plan” will be developed in order to boost female participation and gender awareness in the e-mobility sector, among other objectives.