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At the Dubai Climate Summit (COP28), we must work together to ensure that the voice of Latin America and the Caribbean is heard and their leading role as a region of global solutions to climate change is recognized. And we must do this for one simple reason: without taking this region into account, it will not be possible to achieve planetary sustainability.
With six of the world’s most biodiverse countries, 40% of the world’s biodiversity and more than 25% of the world’s forests, Latin America and the Caribbean are critical to combating climate change. Likewise, given its key role in the use of renewable energy and its enormous potential for sustainable food production, it is not possible to imagine a solution to global challenges that does not involve the region.
The asymmetrical circumstances of climate change are of utmost importance in the region, which contributes less than 10% of global greenhouse gas emissions but suffers greatly from its negative impacts, with damages and losses exceeding 2% of annual GDP.
For this reason, one of the key themes of COP28 will be the definition of a major global adaptation goal whose progress is measurable, something developing countries have always demanded. This objective must be linked to countries’ adaptive capacity, including risk assessment and management, as well as the planning and implementation of measures.
We must focus attention on the key sectors for the sustainable and inclusive development of Latin America and the Caribbean, on resilient infrastructure, especially on islands and coastal regions, water and sanitation, agriculture and fisheries, health, forests; Biodiversity and tourism, among others.
It is necessary to demand resources to ensure that climate change does not increase poverty and inequality gaps. It is therefore important to demand compliance with developed countries’ commitment to double climate finance for adaptation in 2025 compared to 2019 levels. In this sense, in the last five years, the CAF – Development Bank for Latin America and the Caribbean – has approved more than 5 billion dollars for climate change adaptation and disaster risk management and is a key player in this type of financing.
The second big topic for the region at COP 28 in Dubai is the energy transition. The contribution of energy to greenhouse gas emissions in Latin America and the Caribbean is 44%, significantly lower than the global 73%, as it is the region with the highest share of renewable energy in its energy matrix, at over 30%, among countries whose electricity grid to more than 90% based on renewable energies. At the same time, there is a fiscal dependence on fossil fuel revenues as well as large social gaps, which require significant budgetary efforts at a time when the debt situation is very serious.
The energy transition requires time and high investments. Therefore, in Dubai, the countries of Latin America and the Caribbean must defend a fair and inclusive energy transition that guarantees universal access to energy, allows for the continuity of tax revenues and is considerate of workers and communities dependent on industries that consume fossil fuels. There is a gap between commitments and the availability of technological and financial resources in the region. Therefore, it is important for Latin American and Caribbean countries to demonstrate their commitment to decarbonization by reducing fossil fuel subsidies and increasing carbon prices. At the same time, it should be highlighted that the targets set in relation to climate change will quadruple the need for critical minerals and that Latin America and the Caribbean have half of the world’s lithium reserves, confirming itself as a region of solutions.
One of the most controversial issues of recent years is also being negotiated in Dubai: the operationalization of a fund to address the loss and damage caused by climate change. Latin America and the Caribbean is the second region in the world most affected by natural disasters. Since 2000, more than 1,500 natural disasters have been recorded, affecting 190 million people. Therefore, their prominent participation in the management of the new fund and in setting the eligibility criteria is necessary so that the most vulnerable groups are not left out.
COP 28 will also be a fundamental milestone in the debate on the need to transform the global financial system to respond fairly and equitably to the climate emergency and biodiversity protection. The region is leading this reflection, particularly since the launch in 2022 of the Bridgetown Initiative presented by Barbados, which focuses on the renewal of the international economic and political order and its key institutions. In Dubai, Latin American and Caribbean countries must join this debate to ensure developing countries greater influence in managing climate finance resources.
In short, Latin America and the Caribbean are presented at COP28 as an essential ally in developing solutions and must claim their place in the negotiations to effectively and equitably address climate change. The success of the COP depends largely on recognizing the key role of the “Solutions” region, and CAF wants to contribute to this by creating spaces for dialogue for the first time in the Latin American and Caribbean pavilion The Climate Summit.
Alicia Montalvo She is the Climate Action and Positive Biodiversity Manager at the CAF Development Bank for Latin America and the Caribbean.