Enabling Conditions for Investment in the Transition to a low carbon society in Latin American Countries
As of: September 2021
The transition in Latin American countries to a low-carbon economy has meanwhile reached a crucial point and now requires political reforms that will create incentives for climate friendly investments. Together with stakeholders from the public and private sectors, the project is to support ambitious mitigation targets, contribute to the development of effective financial instruments and develop sectoral investment portfolios, all of which will advance the implementation of the Nationally Determined Contributions (NDCs) in the partner countries. The project will initiate regional, national and local ‘communities of practice’, which will enable local stakeholders to share their experiences and learn from one other. It will also contribute to the development of future, ambitious NDCs and to a stocktaking carried out within the framework of the “Ambition Mechanism” in the Paris Agreement.
State of implementation/results
- For each country a barriers analysis report was drafted, which will become key inputs in developing proposals to amend current policy frameworks and financial instruments that seek to increase public and private climate finance inflows.
- Stakeholder dialogues were conducted to identify barriers to investment, discuss proposals to overcome them, and to identify investment opportunities. Summary reports of dialogues were developed by each country team which will be used to inform the policy development and sectoral investment analysis.
- Argentina carried out a custom-designed survey while convening virtual bilateral/multilateral dialogues with key actors in the Energy, Transport and AFOLU sectors.
- Brazil convened two multi-stakeholder dialogues in the transport sector using a virtual communications platform.
- In Peru, multiple dialogues were co-organized with the Peru 2021 and Nexos+1 platforms, and the Congress; and a survey and interviews were also conducted to gather perspectives from different stakeholders.
- The Annual Climate Investment in Latin America report is expected to be finalised in Q2 2021. This report will analyse the general and sectoral investment conditions in Latin America, specifically in the three target countries, and will analyse the countries' approach and readiness to obtain and channel climate finance.
- The first Latin American Annual Investment Forum was organized within the framework of the Nexos+1 event, and was held on the 4th March 2021. A total of 304 participants registered for the event, of which 38% identified as private companies. Via social media, the event reached 86,555 people from 21 countries.
- The Latin American Community of Practice on Investments and Climate (CoP) was launched during the project´s Annual Investment Forum. The CoP seeks to be a regional space where concrete and viable solutions are developed and promoted to foster the financing of resilient decarbonisation of the economies of LA. The CoP launch included a minimum of 31 participants, from targeted sectors, with a quarter representing private companies.