ECLAC’s Government Secretary, José Manuel Salazar-Xirinachs, unveiled at this time within the framework of the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), being held within the metropolis of Dubai (United Arab Emirates), a brand new report by the group that stresses the local weather financing wants for Latin America and the Caribbean in its battle towards world warming.
The doc entitled The Economics of Climate Change in Latin America and the Caribbean, 2023: Financing needs and policy tools for the transition to low-carbon and climate-resilient economies presents present regional emissions traits, local weather motion commitments and estimates of the funding required to meet the Nationally Decided Contributions (NDCs), along with establishing tips to observe with the goal of attaining inclusive, sustainable and simply growth for the area.
The report was offered by the very best authority of the Financial Fee for Latin America and the Caribbean (ECLAC) on the COP28 facet occasion “Financial cooperation between Spain and Latin America for local weather finance,” held within the Spain pavilion on the world gathering. This occasion was moderated by Gonzalo Muñoz – UN Excessive-level Local weather Champion COP25, and board member of GFANZ LAC – and in addition featured remarks by Alicia Montalvo, Supervisor of Local weather Motion and Optimistic Biodiversity at CAF-Improvement Financial institution of Latin America and the Caribbean; Ricardo Marshall, from the Roofs to Reefs Programme (R2RP) of the Prime Minister’s Workplace of Barbados; and Elsa Velasco, Crew Chief of EUROCLIMA+ 2020 at FIIAPP.
“Local weather change is among the biggest challenges of our time. For years, ECLAC has been analyzing its impacts in Latin America and the Caribbean and has discovered that the price of inaction outweighs the price of motion, that these impacts are non-linear, and exponential, and that world warming will exacerbate the adverse results of utmost climate occasions,” José Manuel Salazar-Xirinachs warned in his presentation.
“Our doc reveals that, by 2030, the lack of labor productiveness resulting from warmth stress might attain 10% in some nations, straight impacting the area’s progress potential. Moreover, the affect of utmost occasions should be thought of,” the senior United Nations official added.
The report stresses the significance of financing in key financial sectors corresponding to land-use change, agriculture, livestock and forestry, which at a regional stage characterize 58% of greenhouse gasoline emissions. Regardless of this, financing is at present centered primarily on mitigation to the detriment of adaptation and cross-cutting actions. Actually, in 2020, 89% of world local weather finance was allotted to mitigation, 8% to adaptation and simply 3% to cross-cutting actions.
“Latin America and the Caribbean is deeply dedicated to local weather motion, having set an emissions discount goal of between 24% and 29% by 2030, with respect to a business-as-usual state of affairs. However to realize these targets, the area’s present decarbonization fee (0.9%) must be 4 instances sooner,” ECLAC’s Government Secretary emphasised.
Based on the examine, fulfilling local weather motion commitments necessitates an funding of between 3.7% and 4.9% of regional GDP per 12 months till 2030. By means of comparability, local weather finance in Latin America and the Caribbean in 2020 amounted to simply 0.5% of regional GDP. Subsequently, closing the local weather financing hole requires growing home and worldwide useful resource mobilization by between 7 and 10 instances, Salazar-Xirinachs indicated.
“Funding in local weather motion can yield not solely environmental, but in addition financial and social beneficial properties, as the degrees of funding and financing for mitigation and adaptation measures will present a significant enhance to progress, employment and social growth,” he underscored.
By way of suggestions, the doc additionally stresses the necessity to coordinate insurance policies and align the monetary system with a view to channel funding flows in direction of productive actions that enhance sectors that drive the financial system with a view to attaining growth that’s extra productive, extra inclusive and extra sustainable.
On this regard, he indicated that the area’s nations ought to intensify and escalate their productive growth insurance policies. He reiterated that ECLAC has recognized quite a few dynamic sectors – that are areas of alternative for financial progress and collaboration – that embrace the vitality transition, electromobility, the round financial system, the bioeconomy, the pharmaceutical and medical system business, fashionable (digital) companies and the care financial system.
“ECLAC stays dedicated to and can proceed working for an environmentally sustainable, socially inclusive and economically aggressive future in Latin America and the Caribbean,” the Government Secretary concluded.
At COP28, the ECLAC delegation led by José Manuel Salazar-Xirinachs has had a considerable agenda and vital participation in numerous occasions.
Donate At Caribbean Information Service, we don’t cost for our content material and we need to hold it that means. We’re looking for help from people and organisations so we are able to
proceed our work & develop CNS additional.
