LatinNews Daily - 02 November 2021

In brief: Colombia’s Duque secures finance for net zero strategy

* Colombia’s President Iván Duque has announced that his government has secured US$533m in finance to help the country achieve carbon neutrality by 2050 and end deforestation and slash emissions by 51% by 2030. Speaking at the United Nations Climate Change Conference (COP26) in Glasgow, Scotland, President Duque said that his government has agreed a US$500m credit programme with the Inter-American Development Bank (IDB) to mitigate and adapt to climate change, and also said that Colombia will receive US$33.5m from the governments of Germany, Norway and the United Kingdom as part of a deal in which these countries will pay Colombia for progress in climate matters. He also stated that various financial institutions and philanthropic organisations have expressed interest in investing a further US$700m in green initiatives in the country. Duque placed ‘green bonds’ at the centre of his climate strategy, noting that the successful placing of a Col$750bn (US$199m) green bond on 29 September attracted “seven times more interest than we expected.”

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