The United Nations’ Economic Commission for Latin America and the Caribbean, ECLAC, says government representatives from several regional countries, as well as international organizations and multilateral and private financial institutions, have called for escalation in action on climate finance, ahead of the upcoming UN Framework Convention on Climate Change (COP27).
ECLAC said delegates also called for activation in projects and strengthened institutional framework, as they concluded on Friday their debates at the Roundtable on Climate Finance and the Energy Transition in Latin America and the Caribbean, which took place at ECLAC’s headquarters.
The event, which was held using a hybrid format (in-person and virtual), was one of the five Regional Fora on Climate Initiatives to Finance Climate Action and the Sustainable Development Goals (SDGs) in preparation for the 27th session of COP27, which are being organized by the United Nations System, the incoming Egyptian Presidency of COP27 and the UN Climate Change High-Level Champions, ECLAC said.
On the roundtable’s second and final day, it said delegates exchanged experiences on “sustainable and equitable critical and strategic mineral supply chains for the energy transition, and climate finance initiatives for resilience in Caribbean Small Island Developing States (SIDS) and other vulnerable states.”
“We need everyone to roll up their sleeves and immerse themselves in working on these issues,” said Nigel Topping, climate champion COP26, hoping that “between now and the COP27, we can move some of these projects along.”
Ambassador Wael Aboulmagd, special representative of the COP27 president-designate, indicated that it is time to move from negotiation to implementation.
“We must focus collectively now on the full and active implementation of the Paris Agreement, as well as on ensuring effective follow up to the commitments announced in Glasgow (COP26),” he emphasized.
Mahmoud Mohieldin, special envoy on financing the 2030 Agenda for Sustainable Development and Climate Champion COP27, reaffirmed that “we must try to focus on the application and alignment of policies for climate action and the Sustainable Development Goals.
“Basically, the Paris Agreement and the 2030 agenda must be integrated,” he said.
Director of ECLAC’s Sustainable Development and Human Settlements Division, Joseluis Samaniego, highlighted that during the roundtable many opportunities were analyzed in the three sectors taken into consideration: renewable energy, mobility, and mining.
Furthermore, he emphasized that one of the event’s main conclusions is that “the entire institutional framework is overwhelmed: both financial institutions and the institutional framework for project creation.
“We have to find a way to resolve this overload to be able to pick up the pace,” said Samaniego, adding that “one way is to build an institutional framework in the form of green investment banks, so that projects can become fundable ideas, and not just remain as projects.
