US$1,087.0 million from CABEI for sustainable development

As part of its commitment to sustainable development and the fight against climate change, the Central American Bank for Economic Integration (CABEI) promotes initiatives focused on economic, social and environmental transformation.

CABEI renewed its commitment to promote financing that fosters efficient natural resource use, clean energy use and a reduction of greenhouse gases.

The Bank’s Environmental and Social Policy and 2020-2025 Institutional Strategy include a cross-cutting axis of environmental and social sustainability through the approval of programs and projects that favor social appropriation and address the need to preserve the environment.

CABEI has taken the lead in initiatives to finance climate change adaptation and mitigation in the region and, therefore, has incorporated changes in its policies, strategies, operational plans and organizational structure to increase the provision of effective support to its member countries through financing, technology and capacity strengthening.

During 2019, CABEI approved a total amount of US$1.09 billion for programs and projects aimed at climate change mitigation and adaptation. This figure represented 41% of the Bank’s total approvals during 2019, as well as an increase of 78% compared to approvals made in 2018.

These investments were committed through the approval of projects that will contribute in their operational phase to a reduction of 2.4 million metric tons of CO2 in the resilient infrastructure and transportation sectors, while increasing resilience in an estimated 81,547 families in CABEI member countries.

With this contribution to the region, the Bank confirms its relevance as the main source of financing for member countries and reaffirms its commitment to continue supporting the region in channeling financial resources for projects aimed at mitigating and increasing resilience to the effects of the climate change, while contributing to the countries achieving the commitments made in the framework of the Paris Climate Change Agreement.

This global issue of Green Bonds coincides with the approval of CABEI to participate with an amount of US$550 million in the financing of the Costa Rican Electric Passenger Train in the Greater Metropolitan Area of San José, which totals US$1.30 billion. The project will substantially reduce carbon emissions, improving overall health and air quality.

Likewise in 2019, during its Annual Governors meeting, CABEI announced its Carbon Zero Declaration and set ambitious goals in terms of sustainability.

As part of CABEI’s commitment to reduce the environmental impact of the activities and operations carried out at its facilities, its Environmental Management System has been implemented and certified under the international standard ISO 14001: 2015 at its Headquarters Building.
In the framework of the Environmental Management System, six environmental objectives related to its main environmental aspects were established in 2019, including: consumption of paper, water and electricity; renewable energy generation; and proper waste management.

Original source: BCIE
Published on 22 April 2020