Paris Climate Agreement explained: what it means for Latin America

The climate deal reached in Paris over the weekend has important implications for Latin American countries, many of which played a key role in helping the negotiations advance. The Paris agreement will also help mobilize new investment in key sectors such as clean energy, which will bring important local benefits while mitigating climate change emissions.

Commitments from most of the world’s states, including the biggest polluters, must now be translated into concrete steps at the national level. The agreement establishes a mechanism by which countries will re-evaluate and deepen their climate commitments every five years, thus ensuring that the level of ambition will continue to increase. Transparency and accountability mechanisms were also strengthened to ensure that countries fulfill their commitments. According to Pew Researchers, 61 percent of Latin Americans believe that climate change is the most serious global threat; 600 million Latin Americans live in areas or depend on economic sectors such as agriculture, fishing and tourism that are already highly vulnerable to climate change.

The IDB projects economic losses in the region due to climate change that could amount to US $ 100 billion annually by 2050. The Paris Agreement establishes that this amount must be a starting point for the post-2020 period and the provision of financial resources should aim to achieve a balance between adaptation and mitigation. Latin America has much to gain as the transition to low-carbon economies spur new investments into key sectors; in 2014 Brazil, Chile, Mexico and Uruguay saw a total of US$23 billion in clean energy investments. New Climate Institute believes that Chile could save US $ 5.3 billion each year on fossil fuels, avoid 1,500 deaths in Santiago due to air pollution and create 11,000 green jobs if it gets on a trajectory toward one hundred percent renewables.

A number of Latin American countries took part in negotiations prior to the climate agreement, helping to advance the discussions by building bridges between developing and developed countries. The Paris agreement is a green light for climate solutions that not only help address greenhouse gases but are also a practical response to the region’s sustainable development needs.

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