The Inter-American Development Bank (IDB) committed $2.8 billion in 2013 for projects that address climate change, sustainable energy and environmental sustainability, according to its annual Sustainability Report, a detailed overview of its progress in investing in and safeguarding sustainability in Latin America and the Caribbean.
That number accounts for 20 percent of the Bank’s overall lending last year, and puts the IDB on target to meet its goal of 25 percent by 2015. The Sustainability Report is issued on the side of the IDB´s Annual Meeting, which this year is taking place in Costa do Sauipe, in Brazil.
The report provides data and context on the IDB’s efforts to invest in and safeguard sustainability by integrating environmental and social considerations throughout its project portfolio. For example, of projects with high environmental and social risks, 87 percent rated satisfactory in the implementation of safeguard measures in 2013, exceeding the Bank’s goal of 85 percent by 2015.
Additionally, the report examines the challenges of the rapid urbanization of the region and the Bank’s strategies to address them, including a newly approved Infrastructure Strategy and advances in its Emerging and Sustainable Cities Initiative.
A sustainable and efficient infrastructure—the buildings, roads and services necessary for a modern society to operate smoothly—is essential for improving the quality of life for people in the region.
Latin America and the Caribbean region faces major challenges in protecting its environment and tackling climate change. Demand for electricity is expected to double by 2030 and annual damages from natural disasters total $3.6 billion.
The new Infrastructure Strategy balances environmental, social and fiscal concerns, and new guidance on agriculture and natural resources, urban development and housing, is consistent with existing Bank strategies including the Climate Change and Clean Energy Strategy.
In the past year, more than one million people have gained access to low-carbon forms of public transportation. Sixty percent of the power generated by IDB projects was from low carbon sources.
The report also features the accomplishments of the region’s people and environment. The case study of Mar del Plata, Argentina, shows the value of environmentally and socially inclusive infrastructure planning. In Brazil, the people of Serra do Mar offer an inspiring look at how community spirit and participation have improved lives and the outcome of a project to restore the natural environment.
The IDB is the main source of multilateral financing for the region.
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