A network will work to accelerate the transition to zero emissions in Latin America
Aligning will require an average annual investment of $150 billion between 2026 and 2030 and at least $207 billion between 2031 and 2035.
The transition to zero net emissions is moving slowly in Latin America and the Caribbean, so a new regional network launched this Monday, promoted by a global league of financial institutions, will work to accelerate efforts and unlock climate financing in this area, they told EFE. their managers.
Latin America will require average annual investments in clean energy of at least $150 billion between 2026 and 2030 and at least $207 billion between 2031 and 2035 to align with climate and sustainable development goals, according to the International Energy Agency ( IEA).
That is, for the coming years, the region must at least triple the average annual investment compared to 66 billion dollars in 2022, according to IEA data.
In this context and within the framework of Climate Week that takes place from this Monday to Friday in Panama City organized by UN Climate Change, the Network in Latin America and the Caribbean of the Glasgow Financial Alliance for Climate Change was launched. Net Zero (GFANZ).
The Gfanz, launched in April 2021 by the United Nations Special Envoy for Climate Action and Finance, Mark Carney, and the COP26 presidency, brings together more than 650 institutions from 50 countries, representing 40% of the world’s private financial assets and are committed to the goal of net zero emissions by 2050, according to coalition data.
The Latin American and Caribbean Network will focus its action on “supporting financial institutions in transition planning, the implementation of climate objectives, capacity building and the participation of policy makers in actions to accelerate the mobilization of capital”.
To do so, it will be guided “by an Advisory Council made up of leading figures in climate and financial matters in the region, who will provide strategic direction, guidance and experience in supervising the work plan and results of the Network.”
The vice president of GFANZ, Mary Schapiro, told EFE that the objective of the regional network, which has counterparts operating since last year in Asia-Pacific and Africa, is to ensure that Latin America and the Caribbean has at its disposal “the tools and resources” necessary and adapted to the particularities of each country to promote the transition to zero net emissions.
“The transition to net zero emissions is only possible if we include all regions of the world,” Shapiro said.
Drive the transition
The president of the Latin American and Caribbean Network, Mexican Patricia Espinosa, stressed to EFE that the region “has already suffered many consequences of climate change” since it is “highly vulnerable” to this phenomenon despite being responsible for less. 10% of global emissions.
Although there are specific “important efforts”, the general panorama in Latin America is that “efforts are not happening with the speed required for this transition,” said the former executive secretary of the United Nations Framework Convention on Climate Change. Climate (Cmncc).
To manage a transformation “like the one that has to happen, we need leadership and a lot of commitment from both the private sector and the public sector. This is one of the things that has been missing, that there is greater dialogue between all parties,” he added. Thorny.
“Although it is a region that has many affinities, the realities are very diverse within Latin America and the Caribbean. Having a regional network (Gfanz) allows us to be more punctual in the way we address the needs of each country” to move forward towards zero emissions, said the former Secretary of Foreign Affairs of Mexico.