The Programme addressed the thematic day on mobilising climate finance with a focus on adaptation in its pavilion at COP27.

11 November 2022, Sharm-El-Seikh, Egypt - On 10 November, the EUROCLIMA programme held a thematic day dedicated to exploring and putting into perspective the importance of the climate finance approach with an emphasis on adaptation in Latin America and the Caribbean. The day was structured in three main spaces: a first block formed by three parallel events with panellists from government institutions as well as the private sector and multilateral banks, and a second block that opened a space for debate and reflection on the key points raised in the sessions. Finally, a high-level event related to the subject was offered.

The day began with the Side Event “Climate Action: A Vision from Central, Multilateral and Commercial Banking” organised by ECLAC and UNEP-Fi in collaboration with Banco de México, AFD, Felaban, CAF and ALIDE, in which some of the contributions to climate action that banks are implementing were presented. Experiences of the Central Bank of Mexico, the French Development Agency and commercial banks were presented with the cases of Banco del Estado in Chile and Bancolombia in Colombia. The need to incorporate scenario analyses for the financial sector, collaboration between financial sector actors and the responsibility of banks in promoting investments that contribute to climate action were discussed. Highlighting the regional initiative of ECLAC with Central Banks and Ministries of Finance in terms of consolidating capacities for macroeconomic modelling of climate impacts in Latin America and the Caribbean. 

Then, under the title “overcoming barriers: enabling frameworks for mobilising finance for climate adaptation at the local level in Latin America and the Caribbean” and under a multi-sectoral discussion format, the event sought to address the political, institutional and economic factors necessary to mobilise adaptation finance at the local level in the Latin American and Caribbean region. 

In this way, experiences in the creation of enabling conditions for the mobilisation of resources were shared from the perspective of actors from different sectors, such as the Mayor's Office of Niteroi, the Mayor's Office of Avellaneda, UNEP, NAP Honduras and ICLEI. These actors presented innovative proposals to facilitate access to finance, addressing the role of financial institutions, the use of regulatory tools, and the development of economic incentives, among others. 

 

Finally, the event “Green Brazil Consortium: New Regional Instrument for Raising Climate Financing” moderated by AFD and led by the Brazil Centre on Climate took place. The event presented the initiative of Governors for Climate (GPC) and its importance for climate finance in Brazil in the current political context, and it aimed to promote channels for the exchange of experiences between members of Brazilian state governments and potential national and international financiers and partners, such as the European Investment Bank (EIB).  

The event left as a message that sub-national leadership is fundamental in the development of an inclusive, regenerative and decarbonising economy. 

A second part of the day was devoted to a discussion session on mobilising climate finance with an emphasis on adaptation  from which some final messages were extracted. Among them, they highlighted the need to consider multi-stakeholder coordination and to bring the financial system, local governments, sectoral areas of municipalities, national government, civil society and the private sector into the debate in an aligned manner. 

At the same time, another key message that came out in the debates was the need to have enabling frameworks for obtaining project funding, which requires capacity building for the actors involved. 

Policies, governance and political leadership are key, while at the same time taking advantage of the intelligence we have from the territories to establish a multi-sectoral and civil society dialogue. This prioritisation, it was stressed, can be done on the basis of historical projects that have led us to identify success stories. 

Finally, to close the day, the high-level event “Latin American and Caribbean Parliaments Protagonists: mobilising climate finance” took place where parliamentary leaders from Brazil, Colombia, Argentina, Uruguay, British Virgin Islands, and Bolivia met for the second consecutive year, at COP27, with the double objective of: (i) discussing the treatment of climate finance in the climate legislation of Latin American and Caribbean countries; and (ii) expressing the common voice of Latin American and Caribbean parliamentarians on climate financing through the symbolic signing of a joint declaration.

 

 

 

 

 

 

Katia Fenyves , climate finance expert from AFD for EUROCLIMA		Jésica Lopez · Bancoestado Chile
Rodrigo Prieto Bancolombia		Axel Schmidt · Prefeito de Niteroi (State of Rio de Janeiro)

 

About EUROCLIMA+ 

EUROCLIMA+ is a programme funded by the European Union and co-financed by the German federal government through the Federal Ministry for Economic Cooperation and Development (BMZ), as well as by the governments of France and Spain through the Ministry of Foreign Affairs, European Union and Cooperation.

The Programme's mission is to reduce the impact of climate change and its effects in 18 countries in Latin America and the Caribbean, promoting mitigation, adaptation, resilience, and climate investment. It is implemented according to the "Spirit of Team Europe" under the synergistic work of seven agencies: the Spanish Agency for International Development Cooperation (AECID), the AFD Group: French Development Agency (AFD)/ Expertise France (EF), the Economic Commission for Latin America and the Caribbean (ECLAC), the International and Ibero-America Foundation for Administration and Public Policy (FIIAPP), the German Society for International Cooperation (GIZ) GmbH, and the UN Environment Programme (UNEP).

Contacts:

Marina Casas CEPAL: This email address is being protected from spambots. You need JavaScript enabled to view it. 
Sofía Arocha UNEP: This email address is being protected from spambots. You need JavaScript enabled to view it. 
Katia Fenyves: This email address is being protected from spambots. You need JavaScript enabled to view it. 
José Eduardo Alatorre ECLAC: This email address is being protected from spambots. You need JavaScript enabled to view it.