BELMOPAN, Belize, CMC—The Regional Local weather Change Platform of Financial system and Finance Ministries of Latin America and the Caribbean has adopted a “Regional Imaginative and prescient for Sustainable Finance” to spice up sustainable finance and promote efficient investments that higher place the nations to satisfy their local weather commitments.
The imaginative and prescient, developed on the Regional Platform’s Third Excessive-Stage Dialogue late final month, will likely be introduced at worldwide boards and negotiations on local weather change, sustainability, and defending biodiversity.
Prime Minister John Briceño mentioned the convention underscored the pressing want for collective motion in opposition to local weather change.
“The work performed on a regional stage has positively formed nationwide efforts to embed local weather motion into our financial and financial insurance policies, and it’ll proceed resulting in significant outcomes,” he added.
The Inter-American Improvement Financial institution (IDB) mentioned the imaginative and prescient underscores the nations’ dedication to creating the situations for capital to move towards sustainable targets and their pledge to construct a low-carbon, climate-resilient future.
“This settlement marks a turning level in regional collaboration to embed local weather motion and sustainability in fiscal, financial, and monetary insurance policies. We’re dedicated to persevering with to work with the platform’s member nations to realize simply and fiscally sustainable transitions that construct extra resilient economies,” mentioned Jordan Schwartz, the IDB’s govt vp.
The joint stance has 5 pillars.
The primary is gathering assist to extend the brand new collective quantified aim below the Paris Settlement. The present aim of mobilizing US$100 billion yearly for growing nations is inadequate. A research by the Impartial Excessive-Stage Professional Group on Local weather Finance estimates the necessity at US$2.4 trillion yearly by 2030.
The opposite pillars are enhancing the area’s nations’ capability to entry financing from local weather and biodiversity funds, strengthening how these funds are monitored, bolstering nationwide efforts to satisfy local weather commitments, and supporting an overhaul of the worldwide monetary structure for fairer and extra simply transitions.
Ministers and representatives from 17 nations, together with senior IDB officers, participated within the Belize assembly. The assembly additionally accredited the platform’s new 2024–2025 work plan, and Colombia’s Ministry of Finance and Public Credit score turned its new president professional tempore.
“For Colombia, it’s an honor to tackle the professional tempore presidency of the Regional Platform. We consider it’s crucial to speed up actions to satisfy local weather and environmental commitments via a good vitality, financial, and social transition,” mentioned Colombia’s Minister of Finance and Public Credit score, Ricardo Bonilla.
“I’m satisfied that via the dedication and regional collaboration fostered by the Platform, we’ll discover progressive financing options based mostly on our realities and advance in direction of the area’s sustainable growth,” Bonilla added.
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