NEW UK PARTNERSHIP TO TACKLE CLIMATE CHANGE IN LATIN AMERICA

these disasters.

Lord Mayor said: “I am deeply saddened by these devastating earthquakes which have so far claimed more than 15,000 lives and leaving millions homeless. Many in our city will be affected by this and my sympathy is with you.

“I am urging people to donate what they can to help with this international appeal to get help, support and aid to those areas affected and all those displaced by this disaster.”

Cllr John Cotton, Cabinet Member for Social Justice, Community Safety and Equalities, added: “These people have lost everything without warning – not just possessions, but homes, loved ones and their lives, in two horrific earthquakes within hours of each other.

“If you’re able to donate, please do. A donations of any amount will help the DEC Appeal with what will be a major international operation to ensure that aid reaches all of those who need help following this appalling and tragic disaster.”

The UK has joined IDB Invest, a member of the Inter-American Development Bank Group (IDB Group) focused on development through the private sector, in a move designed to boost the UK’s work reducing poverty and tackling climate change across Latin America and the Caribbean through support for small and medium sized businesses.

Development Minister Andrew Mitchell was joined by IDB President Ilan Goldfajn and IDB Invest CEO James Scriven in London to complete the UK’s membership of the group that provides almost £5billion of annual finance to businesses across the region.

Membership will ensure the UK can influence investments that the institution makes annually and promote the UK’s development objectives through the work of the Bank.

Development Minister Andrew Mitchell said:

Unleashing private sector investment across the Caribbean and Latin America is vital to delivering the UK’s International Development Strategy.

Joining IDB Invest will help us promote private sector investment, alleviate poverty and tackle climate change in a region experiencing its most severe effects.

The UK and IDB Invest will build on their existing partnership through the UK Sustainable Infrastructure Programme (UKSIP), which supports Mexico, Colombia, Peru and Brazil to reduce their emissions and transition to sustainable infrastructure.

UKSIP support for IDB Invest projects is expected to raise over £150million in private finance for the development of two solar power plants and the purchase of 400 electric buses. The solar plants will produce around 440GWh per year, the equivalent power required for 230,000 homes in Colombia. Green electric buses are expected to save an estimated 500,000 tonnes of carbon dioxide over their lifetime – the equivalent to taking 100,000 cars off the road for a year.

In the last decade, IDB Invest has listed over £5billion in bonds on the London Stock Exchange. This demonstrates the strength of its partnership with the City and London’s role as the leading hub globally for green finance – ranked first in the world, for a third consecutive time, according to the Global Green Finance Index.

Last year, British International Investment, the UK’s own development finance institution, made its first invest- ment in the Caribbean for over twenty years, investing alongside IDB Invest and local partners with the aim to deliver thousands of jobs and support productive, sustainable and inclusive economic growth across the region.

During their meeting, Minister Mitchell and President Goldfajn agreed on the critical role of the Bank Group in increasing global climate ambitions. The Minister set out the UK’s commitment to international investment in green businesses, stressing its importance in addressing the strategic vulnerability of climate change.

The UK’s International Development Strategy also outlines its commitment to help countries strengthen their energy security and provide affordable, reliable, and clean energy for all, employing the full development finance toolkit, including British International Investment. This put the UK’s strengths – its capital markets, innovation, and expertise in science and technology – to work in mobilising more private finance to advance climate and nature goals.