Latin America and the Caribbean are geographically located in an area exposed to extreme weather events caused by climate change. Its natural assets such as forests and biodiversity are very sensitive to climate change, said the Executive Secretary of ECLAC. Photo: AFP.
According to an ECLAC report presented at the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change, Latin American and Caribbean countries need to invest seven to ten times more to meet climate change targets (COP28), which takes place in Dubai.
According to the Economic Commission for Latin America and the Caribbean, cMeeting climate commitments requires annual investments of between 3.7% and 4.9% of regional GDP by 2030. In 2020, climate finance in Latin America and the Caribbean was only 0.5% of regional GDP.
ECLAC Executive Secretary José Manuel Salazar-Xirinachs said that, in addition to the impacts of extreme weather events, climate change could have important consequences for economic activity.
“We appreciate that By 2030, labor productivity loss due to heat stress could reach 10% in some Latin American and Caribbean countrieswhich impacts the region’s growth potential,” he explained.
The panel, one of the UN’s five regional commissions, noted this Climate investments can bring not only ecological, but also economic and social benefitswill be an important stimulus for growth, employment and social development.
Salazar-Xirinachs participated in the parallel event “Protagonism of Latin American and Caribbean Parliamentarians in Building a Green and Inclusive Development Model” organized by the Parliamentary Observatory for Climate Change and Just Transition (OPCC) in collaboration with the Brazilian government.
He recalled this in his speech Latin America and the Caribbean contribute relatively little to climate change: they are responsible for less than 10% of global greenhouse gas emissions. However, it is extremely vulnerable to global warming.
He explained that This happens for two reasons: On the one hand, the region is geographically located in an area exposed to extreme weather events caused by climate change; On the other hand, countries have fewer resources to adapt to new climatic conditions.
An example of this is this The region’s natural resources, such as forests and biodiversity, are very sensitive to climate change. “These effects are not linear, but heterogeneous between subregions and time periods,” warned the Executive Secretary of ECLAC.
According to Salazar-Xirinachs, ECLAC research shows that this is the case Inaction on climate change will worsen development gapsas it can make low-income countries poorer and further reinforce the middle-income trap.
“We are at a crucial moment when Latin America, the Caribbean and the world urgently need help a change in the development model to build a more productive, inclusive and sustainable future“, he emphasized.
The senior United Nations official recalled that in recent years ECLAC has formulated a proposal entitled “Great Impetus for Sustainability”, which aims to support the countries of the region in building more sustainable development models.
It is an approach based on policy coordination to mobilize, accelerate and coordinate investments in strategic areas for sustainability.
He stated that, in addition to green investments related to electric mobility, the energy transition, the circular economy and the bioeconomy, among others, ECLAC’s evidence suggests that productive development policies are crucial as they strengthen the link between the decarbonization agenda and the development agenda .
“According to our estimates, measures to promote transformative strategic investments in line with the Great Push for Sustainability in Latin America and the Caribbean can increase GDP by 5.2% by 2030,” Salazar-Xirinachs said.
This – he explained – would be driven by an 8.5% increase in investment, a 3.4% acceleration in job creation, 8% higher average salaries and significant increases in labor productivity, all accompanied by a simultaneous reduction in greenhouse gas emissions by 35%. This is more than the current projected reductions in the region’s Nationally Determined Contributions (NDCs) compared to the baseline scenario without the application of these policies.
“These numbers and results show that Latin America and the Caribbean can be a key player in decarbonization if the right combination of policies and investments are implemented.” In particular, science, innovation and technology, as well as manufacturing and industrial capacities, among others, are crucial Importance,” emphasized the Executive Secretary of ECLAC.
In the current context, it is more important than ever to have a clear vision of transparency, environmental justice and access to information, as set out in Principle 10 of the Rio Declaration and the Escazú Agreement, he stressed.
“The Escazú Agreement, which entered into force in 2021, is not only the first environmental treaty in Latin America and the Caribbean, but also the first international treaty to contain provisions to promote and protect the human rights of environmental defenders. Environment.”, he explained.
(With information from ECLAC)