This publication is part of a collection of papers that analyse several aspects of the fight against climate change as well as issues related to low-carbon and climate-resilient development. This work series was led by IDDRI and jointly prepared with experts from three Latin American & Caribbean think tanks (Argentina, Peru, Bolivia).
Highlights:
- CLIMATE CHANGE IN LATIN AMERICA AND THE CARIBBEAN
Climate change is already an inherent part of our future that will result in considerable negative effects which are not only inevitable, but also irreversible. In Latin America and the Caribbean (LAC) the effects of climate change and its associated impacts on human and productive systems are already evident. There is a real and current need to adapt and build resilience to climate change that will only become more pressing if global actions to stabilize GHG emissions continue to be postponed.
- LAC’S ADAPTATION GAP AND ITS ASSOCIATED RISKS
LAC is not properly adapted to existing climate risks, and there is an “adaptation gap (or deficit)”, which is actually part of a larger development deficit. Delayed action in both mitigation and adaptation will increase this deficit. It has been estimated that the total investment necessary in the region to adapt to the inevitable physical effects of climate change is approximately one quarter to one sixth of the costs of these impacts.
- SIGNIFICANT MITIGATION EFFORTS ARE NEEDED
Achieving climate stabilization requires the region to reduce its emissions to 1.43 Gt CO2 by 2050, at a cost of approximately US $100 billion per year. Significant mitigation efforts are still required, given that the region is exposed to increased pressure relating to land use changes and industrialization, which in turn increases energy consumption. However, it is estimated that the co-benefits of mitigation could be as high as 30% to 100% of the total abatement costs.
- NATIONAL MANAGEMENT OF THE FIGHT AGAINST CLIMATE CHANGE
The fight against climate change can be tackled as a management issue; both of GHG emissions and climate risk. A National System of Measurement, Reporting and Verification (MRV) facilitates decision-making and national planning; it helps track the achievement of goals; promotes coordination and communication between the sectors; generates comparable and transparent information, and facilitates its exchange; and helps identify and showcase good practices, as well as building trust (both between countries and in the private sector) and increasing the likelihood of international support. Clear institutional agreements and leadership at the highest level are key to boosting low-emissions development, helping to build resilience and promoting comprehensive solutions.