Banco de Desarrollo Productivo (BDP) has launched Bolivia’s first green bond, raising BOB102.9 million for solar energy projects. This initiative, certified by the Climate Bonds Initiative, aims to foster a low-carbon economy by reducing fossil fuel dependency. Andrés Felipe Sánchez commended the bond sale as a milestone that sets a precedent for future investments in sustainable practices.
Banco de Desarrollo Productivo (BDP) has successfully issued BOB102.9 million ($14.8 million) in green bonds, marking Bolivia’s inaugural deal certified by the Climate Bonds Initiative. The La Paz-based development bank, which is predominantly state-owned (80%), with the remaining 20% held by the Latin American development bank CAF, aims to channel these funds into solar energy initiatives that will aid in transitioning Bolivia towards a low-carbon economy.
The funds will finance the construction of photovoltaic plants and necessary infrastructure in Santa Cruz and Potosí. These developments are designed to enhance climate resilience, minimize reliance on fossil fuels, and effectively reduce greenhouse gas emissions in the region. This initiative signifies a proactive step towards sustainable energy practices in Bolivia.
Andrés Felipe Sánchez, who leads operations for Latin America and the Caribbean at the Climate Bonds Initiative, regarded this green bond transaction as a significant achievement, asserting that it “sets a precedent for future green investments.”
In summary, Banco de Desarrollo Productivo’s issuance of green bonds is a pivotal development for Bolivia’s renewable energy sector. By leveraging these funds for solar projects, BDP is championing the country’s shift towards a low-carbon economy. This inaugural transaction not only underscores Bolivia’s commitment to sustainability but also paves the way for future green investments in the region.
Original Source: latinfinance.com
