Climate Change in Latin America and the Caribbean: Successes and Challenges (Organized by the Inter-American Development Bank (IADB))

This side event highlighted successful investment initiatives undertaken by the IADB in Latin American countries in adapting to, and mitigating, climate change. The session was moderated by Mávila Huertas, Peruvian television anchor.
UNFCCC Executive Secretary Christiana Figueres said the Latin American continent, with its high number of middle-income citizens, has specific challenges to address rapid urbanization patterns, but these also present many opportunities in the form of developing “green” transport and renewable energy systems. She noted that although the continent does not have the political and economic weight of other “bigger players,” it has the resources and institutional strength to determine a sustainable path for the future of development.

Luis Alberto Moreno, IADB President, shared the Bank’s experiences on investing in sustainable development projects, noting that 25% of its portfolio is allocated to sustainable development. He cautioned against addressing climate change in isolation, saying it will require a comprehensive set of actions across all sectors and regions. Moreno said success should be measured in terms of transformation over decades, and declared that many of IADB’s investments will only yield results over 15 to 20 years. MORE