LatinNews Daily - 26 March 2024

*Panama’s economy & finance ministry (MEF) has announced that the World Bank (WB) has approved a new US$350m project to continue reducing emissions and adapting to climate change. According to the WB, the Panama Second Climate Resilience and Green Growth Development Policy Loan (DPL) will “bolster reforms to decarbonise the transport and energy sectors and support Panama in building the capacity to adapt to climate change and mitigate its effect”.  The WB highlights that the US$350m project supports reforms organised under two pillars. The first “focuses on promoting a clean energy transition, socially inclusive low-carbon growth, and technological innovations for disaster preparedness” and under this component, Panama will “continue strengthening the regulatory and policy frameworks developed to reduce emissions in the energy and transport sectors”, according to the WB statement. The second pillar will “help Panama further develop its capabilities to manage its natural resources in a sustainable manner and plan for climate change. This includes support for instruments that enhance climate planning and governance, such as the National Climate Change Adaptation System and the Climate Change Scenarios, which will inform public and private investment planning going forward”. The operation builds on a previous climate resilience and green growth DPL approved by the WB in April 2023.