Date: 26 October 2023
Time: 11:00 – 13:00 EST
Location: Contadora IV, Marriott Panama Hotel, Panama City
This is an official Track 4 Event of the Latin America and the Caribbean Climate Week 2023.
Climate finance is crucial for addressing the most pressing environmental challenges facing our planet. It plays a crucial role in supporting the transition to a low-carbon economies by providing the necessary funds for renewable energy, adaptation measures, and carbon reduction initiatives. However, the gap between the level of climate financing currently available, and that which is required to adequately address climate challenges in line with the objectives of the Paris Agreement, is significant. This gap, especially in the area of adaptation, continues to widen. It is therefore crucial to explore new opportunities arising from innovative financial mechanisms.
The significance of such innovations in climate financing in the Latin American and Caribbean region is great. The region is particularly vulnerable to the impacts of climate change, but is simultaneously taking leaps with innovative financial mechanisms such as debt-for climate swaps and carbon markets, and securing the enabling conditions related to institutionalization, transparency, and data-availability. Therefore, innovative financial mechanisms, and the way these can be adapted to the regional context must be explored.
This session will focus on such new and innovative climate finance for accelerating the region's systemic and structural transformation of economic systems.
