Project Alignment of Financial Flows of the Costa Rican Financial Sector with the Climate Change Objectives of the Paris Accord

The initiative seeks to develop a national taxonomy of sustainable finance and support its implementation in the financial sector. At the same time, a framework will be developed to map, quantify and disclose climate-related financial risks. These methodologies and tools will also be tested in the portfolios of banking and insurance entities to evaluate their exposure to these risks and define mitigation strategies. In this way, the Costa Rican financial sector will be provided with the necessary guidance structure to mobilize private capital to create an economy of low emissions and climate resistance, and to strengthen its ability to adapt to the effects of climate change. The UNEP Office for Latin America and the Caribbean, together with UNEP FI, within the framework of this initiative, will support national authorities and the private financial sector in a joint effort to reorient financial flows to create a low-emissions and resilient economy al climate aligned with the Paris Agreement.