New Program to Finance Clean Community Energy for Production in Latin America and the Caribbean
IDB Lab, the innovation arm of the Inter-American Development Bank (IDB), along with the IDB and the German Cooperative and Raiffeisen Confederation (DGRV), launched LAC E-Coop, a program to help rural organizations access clean energy for their productive activities through financial services and training.
Its aim is for local producers to adopt green technologies for generating electric power, and it will also pilot and implement community energy projects. The project will work with savings and loan cooperatives in Brazil, Colombia, El Salvador, Honduras, Mexico and Peru to develop green credit lines tailored to productive activities and rural beneficiaries.
“When small producer associations make an energy transition, it sends a strong message to markets. Decarbonization is everyone’s responsibility, and IDB Lab is firmly committed to backing innovative models like this program that bring rural organizations and producers on board to mitigate climate change,” said César Buenadicha, head of IDB Lab’s Discovery Unit.