Financing is crucial for meeting the climate commitments of the Paris Agreement

Report of Conclusions and Systematisation of the V Regional Dialogue on Climate Finance in Latin America available here.

San José, Costa Rica, June 14, 2019. Financing is crucial for meeting Latin America's climate commitments. With this conviction, EUROCLIMA+/GIZ-ECLAC, with the support of the Government of Costa Rica, organised last March the V Regional Dialogue on Climate Finance in Latin America.

The meeting brought together climate policy makers and finance ministries from Latin America, as well as representatives from development banks and cooperation agencies, to analyse the main challenges and opportunities the countries of the region have in terms of climate finance, in order to fulfil their climate commitments under the framework of the Paris Agreement.

This issue becomes even more relevant when considering the gap in emissions reductions required to keep the rise in average global temperature below 2°C or 1.5°C and therefore, the urgent need to increase the ambition of countries' nationally determined contributions (NDCs). According to data from the Economic Commission for Latin America and the Caribbean (ECLAC), to reach this goal, the speed of decarbonisation should triple in the next five years, which undoubtedly represents a great challenge for the region.

In this regard, in view of the COP25 to be held in December 2019 in Santiago, Chile, Latin America should articulate a strategic message on the financial needs of the Region for the fulfilment of its climate commitments under the framework of the Paris Agreement.

Coherence between fiscal policies and financial flows is also important; countries must ensure that 'non-climate' investments, both public and private, do not undermine commitments made in their NDCs.

These and other key messages from the V Regional Dialogue on Climate Financing were collected in the Report of Conclusions and Systematisation of the V Regional Dialogue on Climate Financing in Latin America available for reading and downloading here.

We also share:

  • Presentations made in the Dialogue
  • Video
  • Photographs

About EUROCLIMA+

EUROCLIMA+ is a programme financed by the European Union to promote environmentally sustainable and climate-resilient development in 18 Latin American countries, particularly for the benefit of the most vulnerable populations. The Programme is implemented under the synergistic work of seven agencies: the Spanish Agency for International Development Cooperation (AECID), the French Development Agency (AFD), the Economic Commission for Latin America and the Caribbean (CEPAL), Expertise France (EF), the International and Ibero-American Foundation for Administration and Public Policies (FIIAPP), the German Society for International Cooperation (GIZ), and UN Environment.

Contact

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EUROCLIMA letra blanca peqEUROCLIMA+ is the European Union's flagship programme on environmental sustainability and climate change with Latin America. It aims to reduce the impact of climate change and its effects in Latin America by promoting climate change mitigation and adaptation through resilience and investment. 
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