Caribbean countries to benefit from new IDB energy initiative to be announced at COP26

The Inter-American Development Bank (IDB) says it will create a financing instrument dedicated to expanding energy access, supporting energy transition, and protecting the climate in Latin America and the Caribbean (LAC).The financing instrument, which will be formally announced at the UN Climate Change Conference (COP26) to be held in Glasgow next month, will be managed by the IDB Group and will make resources available to both public and private sector projects. It seeks to mobilize more than US$600 million in new investment for Latin America and the Caribbean. The IDB said that the collaboration will also feature a strong focus on job creation and gender equality, with clear targets to ensure the women are prioritized as beneficiaries.