The Inter-American Development Bank (IDB) will allocate 73.5 million dollars to promote the energy transition and the implementation of the Deforestation Containment Plan in the Amazon.
The announcement of the international financial organization was made during the bilateral meeting between the Colombian President and the President of the IDB, Ilan Goldfajn, which took place within the framework of the World Economic Forum taking place in Davos (Switzerland).
In this context, it was established that 70 million dollars from the IDB will be directed to strengthening the energy transition policy. In fact, the money will be invested in infrastructure and technology in energy communities.
Likewise, at the meeting it was indicated that the remaining 3.5 million dollars, donated by multilateral banks, are directed to the Amazon basin for the design and structuring of financial mechanisms and a regulatory framework to implement Payment for Environmental Services. (PSA) and mechanisms to reduce Emissions from Deforestation and Forest Degradation (REDD+).
These are direct transfers for environmental conservation services that help contain and stop deforestation, in coordination with local communities and under the leadership of the Ministry of the Environment.
Additionally, the President of the IDB indicated that this organization could support the financing of the logistics of the Amazon Summit and its technical tables.
It should be noted that the IDB had approved a technical cooperation of $450,000 to begin supporting the Ministry of the Environment in the implementation of the Containment Plan.