7th Latin American and Caribbean Carbon Forum Focuses on New Tools and Financing
“The Latin America and Caribbean (LAC) Region is expected to be among the most affected by climate change, with concrete impacts such as rising oceans, frequent storms and more droughts. The global challenge is to reconcile the reality of the impacts of climate change with the opportunities that will arise as we move to more resilient, low-carbon economies,” says Neeraj Prasad, Manager of the World Bank Institute's Climate Change Practice.
The 7th Latin America and Caribbean Carbon Forum held in Rio de Janeiro, Brazil addressed these concerns and was successfully delivered in collaboration with the Latin American Energy Organization (OLADE), the International Emissions Trading Association (IETA), the Inter-American Development Bank (IADB), the United Nations Environment Program (UNEP), the UN Framework Convention on Climate
Change (UNFCCC) Secretariat and the United Nations Development Program (UNDP), and the World Bank Institute (WBI).
This leading climate conference brought together more than 500 registered participants from more than 40 countries under its three themes: (i) Carbon Policy and Market Instruments; (ii) Low Carbon Technologies and Practices; and (iii) Climate Finance. Project managers, representatives of financial institutions, government agencies, and members of the private sector gathered to exchange experiences and discuss alternative pathways to reaching a low carbon future.
The three-day event featured six high-level plenary sessions that deliberated on the status of the carbon markets, the current existing mechanisms (CDM), new market mechanisms (REDD+NAMAs), and the importance of implementing the Green Climate Fund (GCF). Representatives from the C40, the City of Cali, the City of Bogota, the City of Rio de Janeiro, and the World Bank discussed the importance of city-led action in the global climate change agenda. Workshop sessions were held to dive into further details on urban forestry and city-based energy efficiency financing, with example projects in Rio de Janeiro as part of the Rio Low Carbon City Development Program (LCCDP).
Christiana Figueres, Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC) highlights, "This Forum is an important venue to identify opportunities and engage in a solution-oriented dialogue that creates a world of well connected, profitable, market-based climate responses."
The forum concluded with a remarkable interest from developing and developed economies in putting a price on carbon as part of a global effort to reduce GHG emissions and keep the world within the 2 degree trajectory, and a strong call was asserted for better alignment of public policies and investments to close the financial gap, with a consensus drawn that private sector finance is pivotal to mobilize climate finance for climate mitigation and adaptation initiatives in developing countries.