Euroclima contributes to the new Joint Communication 2023 that presents a revitalized agenda for the relationship between the EU and LAC, aligning with the EU Green Deal and the objectives outlined in the Paris Agreement. This refreshed agenda details the EU's commitment to this partnership under the EU Global Gateway Investment Agenda (GGIA), which aims to catalyze investments that will expedite a just and green transition.

The EU-LAC GGIA will pinpoint fair, green, and digital investment opportunities in LAC. These opportunities will leverage the open environment fostered by trade and investment agreements to aid in achieving the Sustainable Development Goals. The Investment Agenda will foster direct investments towards renewable energy and green hydrogen, critical raw materials, transport, decarbonization, water, Sargassum, and sustainable finance, among other areas.

There is substantial potential for collaboration between the EU and LAC in creating climate-neutral, clean, and nature-positive economies. The LAC region possesses unparalleled potential in areas such as biodiversity, natural resources, sustainable renewable energies, agricultural production, and strategic critical raw materials.

The EU has pledged to allocate at least 30% of its cooperation budget to initiatives focusing on climate change and biodiversity. Euroclima, Team Europe's flagship climate Programme in LAC, exemplifies this strategic commitment to climate change and biodiversity.

Euroclima is a 140 million euro Programme jointly funded by the EU and the German Federal Government via the Federal Ministry for Economic Cooperation and Development (BMZ).