*The United Nations green climate fund (GCF) has announced the termination of an agreement to reduce deforestation and strengthen resilience in the Bosawás and Río San Juan biosphere reserves in Nicaragua’s impoverished Caribbean region, citing non-compliance with GCF policies and procedures on environmental and social safeguards (ESS). The GCF suspended the agreement in July 2023, citing violence against indigenous people. According to a 7 March statement by the UN flagship climate fund, no funds were disbursed by GCF to the project, which was approved in 2020, and the project had not begun implementation. It notes that in June 2021, the GCF received a complaint that alleged, among other things, a lack of proper consultation with indigenous and Afro-descendant communities. The total cost of the project was US$116.6m of which the GCF was due to provide US$64.1m (comprising a US$38.0m loan to the Nicaraguan government and a US$26.1m donation), the Central American development bank (BCIE) was due to finance US$44.2m, while a further US$8.3m grant was due to come from the Global Environment Facility (GEF), a multilateral environmental fund.
- PERU: Congress escalates assault on judiciary
- In brief: Annual inflation falls in Colombia
- BRAZIL: Diplomatic gaffes contribute to drop in Lula’s approval
- In brief: Brazil’s Petrobras posts drop in net profit
- CUBA: Probe launched into former economy minister
- In brief: UN climate fund ends Nicaragua agreement
- MEXICO: Tensions mount over Ayotzinapa protests
- In brief: Mexico’s inflation rate falls
- ARGENTINA: Governors willing but wary
- In brief: Argentina’s YPF announces major investment