On June 30, 2023, the Inter-American Development Bank (IDB) introduced a groundbreaking initiative called Amazonia Forever. This holistic umbrella program seeks to accelerate the sustainable, inclusive, and resilient development of the Amazon region through enhanced financing, knowledge sharing, and regional coordination. The program garnered support from the IDB’s governors representing Bolivia, Brazil, Colombia, Ecuador, Guyana, Peru, and Suriname, who are committed to prioritizing the region’s sustainable development. Amazonia Forever aims to address key areas such as local communities, sustainable agriculture and forestry, the bioeconomy, infrastructure, sustainable cities, and connectivity. By fostering the inclusion of marginalized groups, promoting environmental conservation, strengthening institutions, and upholding the rule of law, the IDB endeavors to maximize the positive impact of this ambitious program.
An Integrated Approach to Sustainable Development
Amazonia Forever adopts a comprehensive three-pronged approach to drive sustainable development in the Amazon region:
Platform for Mapping Financial Resources: The program will establish a platform to map existing financial resources dedicated to the Amazon, both from Amazon countries and other donors. This platform will serve as a valuable tool for facilitating new financing opportunities and guiding policy and investment decisions. By centralizing information about available funding, it will promote transparency, attract additional investment, and optimize resource allocation.
Project Preparation Facility: Amazonia Forever aims to create a project preparation facility that will develop investment plans specifically for Amazon territories. This facility will significantly scale up the IDB’s existing $1 billion project pipeline for the region in 2023. By providing the necessary expertise and resources, the facility will expedite the implementation of sustainable development projects in the Amazon, fostering economic growth and environmental protection.
Network of Ministers of Finance and Planning: To ensure effective coordination and oversight of Amazonia Forever, the program will establish a Network of Ministers of Finance and Planning. This network, supported by a technical group facilitated by the IDB, will focus on economic and financial matters, including scaling up financing, developing joint taxonomies, and exploring innovative financing instruments. By fostering collaboration and sharing best practices, this network aims to align efforts and achieve the common goal of sustainable development in the Amazon region.
Preserving the Amazon’s Ecological Significance
The Amazon region plays a vital role in global ecosystems, supplying 40% of Latin America’s fresh water and regulating nutrient and hydrological cycles for the entire South American continent. However, scientific evidence suggests that the Amazon Basin is approaching an ecological “tipping point.” Urgent action is required to address the pressing environmental challenges and implement a new development model that ensures the region’s long-term ecological sustainability.
The IDB’s Commitment to the Amazon
The IDB has been actively involved in the Amazon region since its inception in 1959. Over the years, it has invested in sustainable development, sustainable agriculture, education, urban development, social inclusion, and fiscal management, among other critical areas. The Bank currently maintains dedicated technical teams in each Amazon country and operates an Amazon Coordination Unit within its Climate Change and Sustainable Development Sector, responsible for overseeing the implementation of Amazonia Forever.
Collaboration for Sustainable Development
Amazonia Forever recognizes the need for collaboration with other institutions, networks, and alliances to leverage collective knowledge, resources, and expertise. By engaging with external partners, the IDB aims to broaden the impact of the program and promote innovative approaches to sustainable development in the Amazon. This inclusive approach fosters cooperation among diverse stakeholders, including governments, civil society organizations, academia, and the private sector.
Conclusion
The launch of Amazonia Forever marks a significant milestone in the pursuit of sustainable development in the Amazon region. By prioritizing the inclusion of marginalized groups, fostering environmental conservation, strengthening institutions, and promoting regional coordination, the IDB demonstrates its commitment to addressing the pressing challenges faced by the Amazon. Through the innovative platform for mapping financial resources, the project preparation facility, and the Network of Ministers of Finance and Planning, Amazonia Forever aims to drive transformative change and create a sustainable future for the Amazon and its communities. With its extensive experience and dedication to improving lives in Latin America and the Caribbean, the IDB is well-positioned to lead this crucial endeavor and contribute to the long-term well-being of the Amazon region and its inhabitants.
