- Authorities developed a common stance on sustainable financing to bring to international negotiation forums.
SAN PEDRO, Belize – The members of the Regional Climate Change Platform of Economy and Finance Ministries of Latin America and the Caribbean adopted a “Regional Vision for Sustainable Finance” to boost sustainable finance and promote effective investments that better position the countries to meet their climate commitments.
The vision will be presented at international forums and negotiations on climate change, sustainability, and protecting biodiversity. It was developed at the Regional Platform’s Third High-Level Dialogue, which was hosted by Belize on August 30 and 31.
The vision underscores the countries’ commitment to creating the conditions for capital to flow toward sustainable objectives, as well as their pledge to build a low-carbon, climate-resilient future.
The joint stance has five pillars. The first is gathering support to increase the new collective quantified goal under the Paris Agreement. The current goal of mobilizing $100 billion per year for developing countries is considered insufficient. A study by the Independent High-Level Expert Group on Climate Finance estimates the need at $2.4 trillion per year by 2030.
The other pillars are: improving the capacity of countries in the region to access financing from climate and biodiversity funds; strengthening how these funds are monitored; bolstering national efforts to meet climate commitments; and supporting an overhaul of the international financial architecture for fairer and more just transitions.
Ministers and representatives from 17 countries participated in the dialogue, along with executives and managers from the Inter-American Development Bank (IDB). At the meeting, the platform approved its new 2024–2025 work plan, and Colombia’s ministry of finance and public credit became the platform’s new president pro tempore.
Jordan Schwartz, executive vice president of the IDB, who participated in several of the event’s sessions: “This agreement marks a turning point in regional collaboration to embed climate action and sustainability in fiscal, economic and financial policies. We are committed to continuing to work with the platform’s member countries to achieve just and fiscally sustainable transitions that build more resilient economies.”
Ricardo Bonilla, minister of finance and public credit of Colombia: “For Colombia, it is an honor to take on the pro tempore presidency of the Regional Platform. We believe it is imperative to accelerate actions to fulfill climate and environmental commitments through a fair energy, economic, and social transition. I am convinced that through the commitment and regional collaboration fostered by the Platform, we will find innovative financing solutions based on our realities and advance towards the sustainable development of the region.”
Carola Moreno, coordinator of international affairs and finance, ministry of finance of Chile: “As those responsible for the country’s economic, fiscal, and financial policy, with a focus on sustainability, we must design policies that address the challenges posed by climate change and biodiversity loss, given their effects on the economy and their social consequences. Advancing a regional vision allows us not only to discuss and understand but also to act more coordinately, highlighting the specific complexities and needs of our region.”
John Briceño, prime minister of Belize: “It is an honor for Belize to host this significant event here in San Pedro, whose natural shores vividly underscore the urgent need for collective action against climate change and reminds us of the responsibility we have to carry out the work of this Platform. The work done on a regional level has positively shaped national efforts to embed climate action into our economic and fiscal policies, and it will continue leading to meaningful outcomes.”
