April 27, 2023, LONDON — IDB Invest is promoting the expansion of the SME Climate Hub initiative in Latin America and the Caribbean, through an alliance with the We Mean Business Coalition and with the support of Perú Sostenible. The platform, which will receive financial and technical assistance, aims to support the transition toward a fair and emissions-neutral economy among small and medium-sized enterprises (SMEs).
SME Climate Hub is available virtually and free of charge, offering information, training and resources for companies committed to adopting decarbonization processes. Currently, 5,800 companies in more than 120 countries have signed onto the SME Climate Commitment, where they can learn about, measure, reduce and report their greenhouse gas emissions (GHG).
Launched as a pilot in Latin America and the Caribbean, the program has the support of leading companies in different sectors in countries such as Argentina, Chile, Costa Rica and Peru.
“For IDB Invest, it is essential to promote access to tools that allow us to advance toward the goal of achieving zero net carbon emissions. The SME Climate Hub is an excellent platform that supports and recognizes the role of SMEs in achieving an inclusive economy and reducing carbon emissions,” said Milagros Rivas, Division Chief of Advisory Services at IDB Invest.
SMEs represent more than 99.5% of companies in Latin America and the Caribbean and are a key engine for sustainable growth. Measuring carbon dioxide and taking steps to reduce it are crucial actions to optimize emissions management in value chains.
“Small companies are disproportionately affected by the effects of climate change, finding themselves among the least equipped to integrate climate strategies into their businesses,” said María Mendiluce, CEO of We Mean Business Coalition. “Through our partnership with IDB Invest and with the support of Perú Sostenible, We Mean Business Coalition seeks to extend the reach of the SME Climate Hub in Latin America and the Caribbean to help a greater number of SMEs access the tools and resources they need to reduce their emissions and build more resilient businesses.”
About SME Climate Hub
SME Climate Hub is an initiative of We Mean Business Coalition, Exponential Roadmap Initiative and the UN Race to Zero campaign, in collaboration with Normative and the Net Zero team of the University of Oxford. The platform already has the support of various organizations such as Ingka Group, IKEA, Meta, Telefónica and 1.5°C Supply Chain Leaders.
About IDB Invest
IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $15.3 billion in asset management and 375 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.
About We Mean Business Coalition
We Mean Business Coalition works with the world’s most influential businesses to take action on climate change. The Coalition is a group of seven nonprofit organizations: BSR, CDP, Ceres, Climate Group, CLG Europe, The B Team and WBCSD. Together, we catalyze business and policy action to halve emissions by 2030 and accelerate an inclusive transition to a net-zero economy. Find out more at wemeanbusinesscoalition.org.
About Peru Sostenible
Peru Sostenible is a non-profit that seeks to support companies in their role as agents of change to promote sustainable development in the country. A network of companies, it promotes collaboration among the private sector, the public sector, international cooperation, academia and civil society around the 17 Sustainable Development Goals (SDGs) of the United Nations. Since 2001, it has been the representative of Peru to the World Business Council for Sustainable Development (WBCSD).