Peru’s economy is highly dependent on extractive industries. The continued volatility in global commodity prices presents a substantial risk to sustainable economic recovery and underscores the importance of economic diversification. Economic diversification through high value-added products and services - particularly in greener sectors - requires significant investments in technology, innovation, upgrades in skills and improvements in the investment climate that can enhance productivity gains and competitiveness.
The World Bank is implementing a grant, through funding from the C-JET, to inform two World Bank lending operations by incorporating a green recovery agenda to potentially increase climate co-benefits by bringing alignment in academia and research and development relevant to climate change and green innovation. The grant will also provide guidance on the preparation of an investor outreach campaign to attract investors into specific economic activities covering key gaps and opportunities to support green growth. These activities and more aim to support the strengthening of Peru’s investment climate and promote the growth of a more diverse circular economy.