[September Thematic Report] Latin america and carbon neutralityby Paola Guevara | 25-09-2022 11:48 |
|---|
 LATIN AMERICA AND CARBON NEUTRALITY Achieving carbon-free economies still seems a long way off, considering that most of the world's countries are below their targets committed to in the Paris Agreement to reduce their emissions. In order for Latin America and the Caribbean to meet the goals of this document, the region should allocate between 7% and 19% of its collective GDP toward climate solutions by 2030. This would represent up to US$1.3 trillion of public spending and private per year, according to recent figures presented by the Inter-American Development Bank (IDB). However, these same data show that, despite the cost of moving towards carbon-neutral governments, it will be much cheaper than assuming the costs of a climate crisis. Inaction could be devastating: the IDB estimates that, if investments are not made in this direction, the economic impacts of climate change will be equal to or worse than the effects caused by Covid-19 in 2020, when extreme poverty increased by 5 million people. people in the region, bringing the total regional figure to 86 million. The panorama of Latin America In recent years, the IDB points out, Latin America and the Caribbean have begun to see the effects of the climate crisis more clearly and regularly. In 2020, average temperatures exceeded the historical record by 4.2¡ÆC in Florianopolis, Brazil; 2.4¡ÆC in Ciudad Juarez, Mexico; and 4.9¡ÆC in Santa Rosa, Ecuador. During the same year Brazil, Paraguay, and Bolivia experienced their worst droughts in 50 years. In addition, 30 tropical storms were recorded in the Atlantic basin, another historical record. 11 countries in the region have already committed to achieving net zero emissions, most by 2050. If policies are put on track to achieve the transition by mid-century, the IDB points out, LatAm and the Caribbean could see benefits even sooner, by the end of this decade: specifically, 15 million net new jobs and 1% additional GDP growth would be added by 2030. Although the challenge is feasible, challenges abound. There are barriers that must be overcome to achieve the objectives related to infrastructure, laws, and public and private finances. In addition, it must be taken into account that certain solutions to pollution can affect the sectors involved in the short term. For example, the phasing out of coal, oil, and gas power plants may be hampered by the negative impacts their closure could have on the workers and communities that depend on them, preventing the transition from happening quickly. In fact, according to the study, if the region moves towards a low-carbon future, it would lose more than $3 trillion in oil royalties and more than $200 billion in natural gas royalties by 2035. But those are short-term impacts, the report highlights. SOURCES:(https://news.un.org/es/story/2020/07/1478202) -pao:)
|
