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Latin American Economy and Finance Ministers Ratify Commitment to Climate Action and Biodiversity

The region’s ministries of finance and economy issued their first-ever joint statement to align their fiscal strategies with the transition to low-carbon, climate-resilient economies.

SANTIAGO, Chile – Economy and finance ministers from across Latin America and the Caribbean signed their first-ever joint statement aimed at aligning their countries’ fiscal strategies with the transition to low-carbon, climate-resilient economies.

The statement, agreed during the second ministerial meeting of the Regional Climate Change Platform of Ministries of Economy and Finance of Latin America and the Caribbean, recognizes the strategic role that ministries of finance can play in advancing a sustainable and just transition to net-zero economies. It also reaffirms their commitment to green fiscal policies in the region that mobilize private capital for investments in green technologies and mitigate the risks associated with shifting to de-carbonized economies.

As the statement explains: “Our decisions profoundly shape the allocation of financial resources, economic policymaking, the flow of resources from international cooperation to emerging economies and developing countries, and our sustainable vision for development.” 

The document also states: “We recognize our different responsibilities and the unique circumstances in each of our countries, so we unite under the principle of shared but differentiated responsibility, redoubling our commitment to building an environment where capital can be mobilized to achieve sustainable objectives and build a resilient future.”

The platform’s member countries pledged to help develop innovative financial mechanisms, improve investment flows, and create ways to effectively allocate resources that support these goals. At the same event, Chile’s Ministry of Finance accepted the presidency pro tempore of the platform, and the 2023–2024 work plan was presented and approved by the platform members. This plan was designed around the main interests expressed by the various countries in the region.

The second ministerial meeting was held in Santiago, Chile, on September 25 and 26, and was also attended by IDB executives and managers, as well as representatives from the Economic Commission for Latin America and the Caribbean and the Coalition of Finance Ministers for Climate Action

About the Platform

The Regional Climate Change Platform of Ministries of Economy and Finance of Latin America and the Caribbean is a unique space for knowledge exchange and collaboration that aims to strengthen economic and fiscal policies in the region in order to tackle the challenges of climate change.

Established in August 2022 with support from the Inter-American Development Bank, the platform is composed of and led by 26 regional bank member countries, which represent over 98% of the greenhouse gas emissions of Latin America and the Caribbean and over 90% of its GDP. This initiative receives financing from the Fund for Fiscal Policy for Climate Change in Latin America and the Caribbean, which is managed by the IDB and funded by the International Climate Initiative (IKI) of Germany’s Federal Ministry for Economic Affairs and Climate Action.

About the IDB

The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research projects and provides policy advice, technical assistance and training to public- and private-sector clients throughout the region. Take our virtual tour.

Contacts

Molina Medina,Vanessa Carolina

Molina Medina,Vanessa Carolina

Borges De Padua Goulart Janaina

Borges De Padua Goulart Janaina
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