Despite the fact that Latin America is only responsible for 12.5 percent of emissions at a global level, it is one of the regions that will be most harmed by the effects of global warming.
From November 7th until the 18th, the international community will meet in Marrakech to advance in the development of measures to reduce greenhouse gas emissions that would enable the slowdown of global warming.
Climate models indicate that the increase in the planet's temperatures will lead to a reduction of rains in the Patagonia, central Brazil, the Caribbean, and Central America; increase of tropical hurricanes; increase of ocean levels; increase of droughts that will impact on agricultural production; and increase of climate extremes (droughts and floods and very high and very low temperatures) which will impact agricultural production and public health.
For this reason, Latin America is looking at the COP 22 of Marrakech with special interest, because it will advance in the presentation of national plans that will allow countries to go from Expected Commitments Determined at a National Level, to Determined Commitments in which they have been working this past year. These include the reduction of greenhouse gas emissions and measures to adapt to climate change for 2025 and 2030.
During the summit, which brings together representatives from 190 countries, there will also be a negotiation process to agree on the regulation of the Paris Agreements, which will define key criteria for its implementation.
The speed at which the countries have ratified the Paris COP 21 agreements shows the important commitment that the international community is making to respond to the challenge of climate change. For its entry into operation, the Paris Agreements require the ratification of at least 55 parties that represent at least 55 percent of global greenhouse gas emissions, both from developed as well as developing countries. This threshold was achieved on October 5th, 2016, so Marrakech will also be the scenario of the First Meeting of the Parties of the Paris Agreements, which came into effect on November 6th, 2016.
In Latin America and the Caribbean, 32 countries presented their NDC intentions, including goals for the reduction of emissions and in most cases, goals for adaptation to climate change, highlighting the vulnerability of the region to its effects.
One of the main challenges for the region is to
translate the goals established in the NDCs into investment
plans and structure ambitious projects and programs to
access green financing sources, such as the
Green Fund for Climate, and leverage private investments.
CAF Day at the COP 21
During the COP 22 meetings, hundreds of events take place, among which the CAF Day stands out. It will address the challenges and opportunities that climate change poses for Latin America, and will be held on November 15th from 9:00 a.m. to 1:00 p.m. at the Savoy Hotel.
The event brings together several experts to debate on the challenges and investment opportunities that Latin America faces to implement the goals proposed by the NDCs. The approach is from the perspective of strategic sectors in the region, such as agriculture, energy, cities, and transportation, including green financing for the existing climate of these sectors.
The conference included the participation of Luis Enrique Berrizbeitia, CAF's Executive Vice President, Cornie Huizenga, General Secretary of SloCat, Luis Miguel Galindo, Director of ECLAC's Climate Change Unit, Jorge Wolpert, General Director of Urban Development in Mexico, and high representatives of the ministries of the environment in several countries of Latin America.
How do we contribute to a sustainable planet
In its strategic approach, CAF's aim is to mobilize international resources to support emission mitigation actions and adaptation measures for changing climate scenarios, as well as support its member countries in the development of climate policies and strategies. In fact, in the past ten years CAF has contributed close to USD 1.5 billion, and in 2014 alone, CAF's green financing reached USD 2.81 billion, representing 24 percent of CAF's total approvals for that year.
With respect to climate change, CAF aims to:
- Develop a low in carbon economy to reduce the impact of global warming through the development of mitigation actions for greenhouse gasses and adaptation to changing climate scenarios.
- Strengthen and support the development of carbon markets as an incentive that helps reduce greenhouse gasses.
- Promote policies, plans, programs, and projects that help comply with the Sustainable Development Objectives (SDO) and the Paris Agreements for the construction of sustainable development as well as access to green financing resources for climate.
- Promote the generation and management of knowledge with respect to mitigation and adaptation to climate change.
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