Latin America and the Caribbean are particularly vulnerable to climate change impacts. By 2050, rising sea levels, temperatures increases, changes in rainfall patterns will result in an estimated annual cost of around 2-4% of the region’s GDP. In order to be effective, the region’s development agenda must include further climate change variables into key national strategies involving infrastructure projects, basic services, fiscal reforms, social programs, and economic plans.
Ministries of Finance and Planning are key players when working on promoting low carbon and resilient development path. These ministries are the ones responsible for establishing development plans, designing the budget, as well as defining whether how public investments are carried out. Mainstreaming climate change into these processes becomes crucial for advancing the region into a more resilient and less carbon intensive path. The IDB is working with public institutions in the region to support capacity building in these topics.
IDB engages in capacity building with the objective of facilitating access to information on low carbon emissions financing pathways. We facilitate the exchange of knowledge with the vision of building the capacity necessary for effective use of current and future international mechanisms for climate actions.
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