The Amazon, with its territorial vastness and social, economic and environmental diversity, challenges any attempt at homogeneous solutions. But the bioeconomics (Economic system based on sustainable use of biological resources) has increasingly gained prominence as an alternative to preserve the region, while ensuring economic development and environmental protection.
Tatiana Schor, head of the Amazon Unit of the Inter -American Development Bank (IDB), told a little about the entity’s work in the region, focused on bioeconomics and sustainable development, at the event Brazil: Macroeconomic Stability, Climate Change and Social Progressheld this Friday (21) at the University of Miami. The meeting was sponsored by XP.
“The big challenge has been to remove forest pressure. This means creating different mechanisms to enable bioeconomics, and for that we need to facilitate credit access and attract quality investments to the Amazon,” said Tatiana.
She said that the organization has been active in partnership with local development banks, such as Banco da Amazônia and Banco do Brasil, to make credit more accessible to sustainable business in the region. In addition, it has been leading a green coalition of regional development banks, seeking to standardize best financing practices for the Amazon.
One of the examples of financial innovation promoted by IDB is the debt-for-nature swap (Exchange of debt by nature, in translation to Portuguese), a mechanism that allows government debts to be converted into environmental investments. The first agreement of this type in the Amazon region took place in Ecuador, within the Amazon Forever initiative.
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The initiative in the Amazon, according to the expert, is structured in five main pillars: promotion of bioeconomics and creative economy; Combating deforestation and institutional strengthening; Investment in Education and Health; resilient infrastructure and connectivity; and sustainable agriculture and forest regeneration.
Investments and partnerships
During her speech, the expert emphasized the need to reduce the risks associated with investment in the Amazon in order to attract private capital and promote sustainable development. “If we do not start reducing risks, it will be very difficult to attract quality investments to the region,” he said. This includes the strengthening of local institutions and the training of mayors and subnational governments.
Another point mentioned is the fight against illegal activities such as gold and drug trafficking, which attract young people to violent and unsustainable markets. She highlighted the importance of public policies and training to offer legal and sustainable economic alternatives.
The active participation of the Amazonian communities has also been indispensable in the strategy, according to Tatiana. Indigenous, quilombolas, African descendants and riverside peoples are key pieces in the preservation of the forest and the construction of an economic model that respects biodiversity and local traditions, she said.
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