During COP28 in Dubai, CAF - development bank of Latin America and the Caribbean - announced an investment of USD 15 billion until 2030 to promote adaptation measures and management of natural disaster risks. This amount triples the institution's investments in this area in the last five years and confirms it as a leading actor in regional climate action.
Latin America and the Caribbean is one of the most vulnerable regions to the adverse impacts of climate change, such as the increase and greater intensity of hurricanes, floods, forest fires, landslides or droughts. Since 1980, there have been 2,225 natural disasters, affecting 260 million people and generating losses valued at $361 billion, underscoring the urgent need to take effective measures in terms of prevention, adaptation and mitigation.
In this context, CAF will invest more than USD 2 billion a year until 2030 for adaptation to climate change, and especially so that the region is better prepared to face increasingly frequent and intense extreme natural events. The funds will be used to improve infrastructure resilience, water security, food security, emergency response, disaster reduction with monitoring and prevention systems with cutting-edge technology, erosion control and coastal protection, in other aspects.
Regarding droughts, they impact production in various areas of the region and have experienced significant variations in recent years
CAF's investments are part of the commitment to be the green bank of Latin America and the Caribbean. CAF is accredited by the Green Climate Fund, the Global Environment Facility and the Adaptation Fund, allowing it to catalyze important resource flows for climate change projects.
“This financing reinforces CAF's commitment to promote actions to adapt to climate change and to achieve greater resilience in communities in the face of natural disasters and extreme climate events. Our experience, resources and strategic vision make us the ideal institution to lead these vital efforts for the environmental and economic sustainability of Latin America and the Caribbean and the planet,” said Alicia Montalvo, manager of Climate Action and Positive Biodiversity at CAF.
Currently, hurricanes represent 97% of disasters in the Caribbean, affecting almost three out of every four Latin Americans and Caribbeans. In the Andean region, floods represent 63.6% of disasters, with 82% of human and material losses. Landslides also represent a significant risk, accounting for 23% of disasters. Regarding droughts, they impact production in various areas of the region and have experienced significant variations in recent years.
CAF at COP
CAF brings to the COP28 in Dubai an unprecedented pavilion dedicated to promoting the climate interests of Latin America and the Caribbean and positioning them in the global negotiations on climate change. Under the motto 'We Are a Solution', the pavilion will present the region as a region of global solutions to guarantee the sustainability of the planet.
This Latin American and Caribbean space at COP28 will analyze and highlight the main ecosystems of the region, thus highlighting the importance of regional cooperation for effective action. Among others, the biological corridor and the Mesoamerican barrier reef, the paramos, the Amazon rainforest, the mangroves, Patagonia, the Caribbean will be addressed, presenting in each case the problems they face, their key role in ecosystem services and in the implementation of solutions based on nature and the importance of action at the regional level.
The LAC Pavilion at COP28 in Dubai, designed, managed and financed by CAF, will become a space for meeting, debate and analysis on the most burning issues of climate action in the region, and will be available to Latin American and Caribbean, media, NGOs, community leaders, indigenous communities, Afro-descendant peoples and civil society.
