People are seen as they participated at the United Nations Conference on Biodiversity (COP16) in Cali, Colombia on October 28, 2024. The International Financial Corporation (IFC) announced the issuance of a $50 million bond to Banco Davivienda. Colombia has leveraged the COP16, held in Cali, to launch, for the first time, bonds exclusively focused on biodiversity projects in Latin America. According to the Ministry of Environment and Sustainable Development, a biodiversity bond is a financial instrument that mobilizes resources for initiatives aimed at protecting nature and promoting sustainable development. The funds will support projects such as wastewater treatment and mangrove conservation, generating benefits for both ecosystems and local communities. Photo Credit: Anadolu via Getty Images
Society ColombiaIndigenous Communities Will Be in Charge of Their Land Again
Colombia has formalized Indigenous rights to land, identity, autonomy, and decision-making over their development; a presidential decree hailed as historic by Indigenous leaders.
“We have been seeking recognition of our autonomy and self-determination as Indigenous Territorial Entities for over 30 years,” exclaims Patricia Suárez, Indigenous leader and adviser to the National Organization of Indigenous Peoples of the Colombian Amazon. “This progress is a milestone in the consolidation of the rights of Indigenous Peoples as autonomous governments.”
Indigenous communities are granted more than just land titles. They have self-governing authority, complete with public budgets and administrative power. They now have the legality to function as official local governments. Giving Indigenous groups direct authority over their territories is an effective way to boost the protection of forests critical to combating climate change. Colombia is paving the way for other Latin American countries like Peru and Suriname to do the same for Indigenous rights and forest protection.
