The project will support the Dominican Republic in engaging the financial sector, regulators and supervisors, key Ministries and other stakeholders, as well as private sector entities in the creation and development of a national green taxonomy to enable green financing. Through working with the local financial sector, a clear standard for green assets will be developed and published in the form of the green taxonomy. The project will facilitate engagement with stakeholders to gain consensus through socialization and capacity building activities and work in greater depth with financial institutions. Part of the groundwork and complementary work with financial institutions will identify activities or investments that can move the Dominican Republic toward meeting climate mitigation targets and support the growth of domestic green financial markets. The project will build foundations for subsequent regulatory frameworks and incentives for the issuance of green financial products and coordinate across the World Bank Group and other actors to ensure progress in these complementary areas. Project implementation will begin in the Dominican Republic and initiate engagement in selected EsC countries as well over a 24-month period.
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