Latin America must accelerate emissions reductions, says the Economic Commission for Latin America and the Caribbean

In a report submitted to the United Nations Climate Change Conference (COP28), the Economic Commission for Latin America and the Caribbean (ECLAC) recommended increasing resources directed towards adaptation measures, which globally represent eight percent of the total, compared to 89 percent directed to Adaptation measures. mitigation.

The document addresses the financing and policy needs needed in the region to transition to a low-carbon, climate-resilient economy, as well as current regional emissions trends.

In this regard, the importance of financing is highlighted in sectors such as agriculture, livestock and forestry, which at the regional level represent 58 percent of greenhouse gas emissions.

“Climate change is one of the greatest challenges of our time. Over the years, ECLAC has analyzed its impacts in Latin America and the Caribbean and found that the cost of inaction exceeds the cost of action,” said its Executive Secretary José Manuel Salazar Xerenachs. “The phenomenon of global warming will exacerbate the negative effects of extreme weather events.”

According to the study, meeting climate commitments also requires investing between 3.7 and 4.9 percent of regional GDP annually until 2030, which requires increasing the mobilization of national and international resources between seven and ten times.

It also points to the investment needed for energy transition, electrification of public transportation, mitigation measures to avoid deforestation, biodiversity conservation, early warning systems and poverty prevention, among other areas.

Salazar-Zerenach explained that increased climate financing could provide other benefits, including economic and social benefits, while more investment in mitigation and adaptation measures would provide an important boost to growth, job creation and social development.

On the contrary, if no action is taken, climate change could lead to losses, which in the case of labor productivity due to heat stress could reach 10 percent in some countries, which will directly affect the growth potential of the region, he added. . .

JHA/CRC