LatinNews Daily - 21 July 2022

In brief: IDB approves loan for Costa Rica’s decarbonisation plan

*The Inter-American Development Bank (IDB) has approved a US$300m loan to continue to back Costa Rica’s national decarbonisation plan, which aims for net-zero emissions by 2050. The IDB loan is the second in a series of two programmatic policy-based lending operations and will enable Costa Rica to deepen the reforms of the first US$230m operation approved in 2020. According to an IDB press release, the goal of these reforms is to "bolster climate action management and monitoring, preserve ecosystems that effectively sequester greenhouse gases, incentivise the use of electrical energy and active mobility, and boost inclusion and gender equality in the shift to a green economy". It notes that Costa Rica used the first loan to establish non-tax incentives for buying electric vehicles. It also passed regulations to build a network of electric vehicle charging stations. According to the IDB, with the second lending operation, Costa Rica plans to set rates which make it possible to electrify transportation and use electrical energy for industrial, commercial, and residential purposes.

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