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Costa Rica: Working together towards Carbon Neutrality
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Costa Rica hosts close to 5% of the world's terrestrial flora and fauna – an immense amount for a small South American country one-tenth the size of France. It's also home to a wealth of biodiversity that is threatened by climate change. Which is why AFD is continuing to support the country's efforts to decarbonize its economy.
Costa Rica launched a national decarbonization plan in 2019, aspiring to become one of the first states in the world to achieve carbon neutrality by 2050.
As a follow-up to supporting this low-carbon trajectory, AFD has just granted a loan, in the amount of $25 million, intended for the financing of investments with climate co-benefits, such as the production of renewable energies, electric mobility or even green and resilient housing. Technical assistance, in the amount of €300,000 is intended to support the institution in the management of its offer in terms of green finance.
"With the signing of this agreement, we are committing to offering new models that offer innovation based on sustainability," said Evelyn Aguilar Corrales, Business Director of Banca Corporativa y Empresarial de la BCR. “In this way, we can continue to make our contribution to the world, to our country, to our society, to social and environmental credit.”
“Thanks to the agreement with the AFD, the BCR will promote different projects from its sustainable portfolio, such as energy efficiency projects, electromobility, resilient infrastructure, and projects related to adaptation to climate change,”, says Luis Diego Moya Cortés, Investment Banking Manager at BCR.
This agreement is AFD’s second non-sovereign commitment in Costa Rica with a public bank, and reinforces its position as an international donor that engages in actions to fight against climate change.