Latin America and the Caribbean need to rapidly increase spending to up to 4.9% of gross domestic product (GDP) annually by 2030 to meet their climate goals, according to a report released by a United Nations agency on Monday.
Necessary Investment
The region must spend between 3.7% and 4.9% of GDP annually, compared to only 0.5% in 2020, which equates to total investments ranging from $2.1 trillion to $2.8 trillion by 2030.
Climate Challenges
Reports indicate that climate change could impact labor productivity in some countries by 10%, reducing economic growth potential. The study notes that extreme weather events may already be affecting some areas of the region and destroying certain agricultural sectors, such as the prime agricultural lands in Uruguay, Brazil, and Argentina. Paraná-La Plata in southern America, which is the main agricultural region in Argentina, is experiencing its worst drought season since 1944, while Chile is estimated to be suffering from the longest and driest period of drought in this millennium.
Adaptation and Mitigation
Reports suggest that investment in climate change adaptation and mitigation should include early warning systems, poverty alleviation, coastal protection, and water purification. The study indicates that the costs of inaction exceed the costs of taking action.
Necessary Investment
Reports indicate that Latin America and the Caribbean must significantly increase spending to meet climate goals, requiring substantial but not unachievable funding, and that the time to act is now. Investment in climate change mitigation projects should include transportation, energy, infrastructure, and deforestation projects, while one-third of the remaining investments should go towards adaptation methods.
Overall, adaptation methods should include early warning systems, poverty alleviation, coastal protection, and water purification. Reports indicate that climate change could impact labor productivity in some countries by 10%, reducing economic growth potential.
The study points out that extreme weather events may already be affecting some areas of the region and destroying certain agricultural sectors, such as the prime agricultural lands in Uruguay, Brazil, and Argentina. Paraná-La Plata in southern America, which is the main agricultural region in Argentina, is experiencing its worst drought season since 1944, while Chile is estimated to be suffering from the longest and driest period of drought in this millennium.
In conclusion, we must understand that the costs of inaction to address climate change outweigh the costs of necessary actions. Therefore, Latin America and the Caribbean must invest significantly to achieve climate goals and maintain the sustainability of the region.
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