It is possible for developing countries to access financing, but for this the conditions must be improved and comprehensive measures implemented, stressed Alvarado during his virtual participation in the Forum Financing for Development: Sustainable and Fair Transition organized by the Economic and Social Council ( Ökosoc).
There can be no sustainable and fair ecological transition if we don’t understand the economic, social and environmental implications of current policies, he explained at the forum, which examined financial and policy tools, incentives and international coordination to support the transition of countries that are moving towards sustainable development economies.
“The adoption of measures is necessary to achieve stability across the planet, without which climate change cannot be addressed. For this reason, I raise my voice to ensure that developing countries are provided with the necessary resources,” said the President of Costa Rica.
He emphasized that more equity is needed for a fair and sustainable transition, it is a long-term issue and we must remember that what happens in the world will determine what happens with the zero-carbon transition.
We are trying to get out of the pandemic but it is unbalanced, for example in Latin America there have been more deaths from Covid-19, he stressed.
Action to address climate change and meet the goals costs money, and without adequate access to finance, developing countries will find it difficult to make that transition and sustain a genuine recovery, Alvarado said.
He highlighted the importance of new concessional financing for developing countries, including middle-income countries, foreign direct investment in line with the Sustainable Development Goals and debt-for-nature swaps.
In addition, significant and sufficient climate and biodiversity finance to help developing countries meet global commitments.
He pointed out that Costa Rica has implemented favorable transition measures with the decarbonization plan; and specified that according to studies, by 2050, 41 billion services will be generated for the country in this area.
Likewise, he continued, through the National Hydrogen Strategy, Costa Rica has encouraged foreign companies to join the Electricity Matrix, giving sustainable businesses a huge advantage.
In addition to moving away from dependence on fossil fuel use, this will help fight climate change and create new jobs, he stressed.
Among the financial instruments and incentives promoted by his country, Alvarado mentioned the Covid-19 Economy Relief Fund, which focuses on guiding regional economic recovery processes due to the pandemic and the impact of recent natural phenomena.
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