IDB, with support from the Nordic Development Fund, is set to replenish its NDC Pipeline Accelerator Fund

The Nordic Development Fund (NDF) signed an agreement with the Inter-American Development Bank (IDB) for a EUR 10 million new contribution to replenish the IDB’s Nationally Determined Contributions (NDCs) Pipeline Accelerator Trust Fund (ACL).

This financing will allow the ACL to continue supporting countries in Latin America and the Caribbean in achieving the Sustainable Development Goals (SDGs) and the Paris Agreement targets, while placing a greater emphasis on the region’s most acute climate challenges. The ACL will continue prioritising small and vulnerable countries in the region. At the same time, it will have a much larger climate adaptation focus, with increased investments in nature-based solutions, circular economy, blue and green economy and e-mobility. Equally, the ACL will have gender equality and inclusion mainstreaming at the core of its investment decisions.

The ACL provides support to countries in the region with early-stage technical assistance for climate-resilient and low-carbon projects, aligning with the SDGs and Nationally Determined Contributions (NDCs) of the Paris Agreement.

To date, and before this new contribution from NDF, ACL has received more than $25 million from donors, including NDF, the Netherlands’ Ministry of Foreign Trade and Development Cooperation, the Swedish Ministry of Foreign Affairs, the Austrian Federal Ministry of Finance, and the Ministry of Foreign Affairs of Finland. These donor resources have been matched by the IDB at an almost 1:1 ratio and as of June 2024, the ACL has committed resources for 68 technical cooperation projects totalling $42.5 million.