CAF-development bank of Latin America and the Caribbean has sealed its intention to commit to adaptation and risk management of natural disasters. It does so after announcing during COP28, held in Dubai between November 30 and December 12, the investment of 15 billion dollars in this matter. This amount triples the institution’s investments in this area in the last five years. The multilateral bank plans to invest more than $2 billion annually until 2030.
This decision could be transcendental for one of the continents most affected by warming. 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 outline a plan to invest more than 2 billion dollars annually until 2030 to prepare the region to face increasingly extreme and frequent extreme natural events. The funds will be used to improve the resilience of infrastructure, water and food security, emergency response, disaster reduction with monitoring and prevention systems with cutting-edge technology, erosion control and coastal protection, among others. aspects.
Alicia Montalvo, manager of Climate Action and Positive Biodiversity at CAF, considers that it is a declaration of intent: “This financing reinforces CAF’s commitment to achieving 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.”
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. The challenges are many and the commitment is as necessary as it is urgent.
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