Latin America and the Caribbean: looking ahead after the Millennium Development Goals: Regional monitoring report on the Millennium Development Goals in Latin America and the Caribbean, 2015

Foreword by Alicia Bárcena

Financing for climate change in Latin America and the Caribbean in 2014

Quantifying the resources mobilized to tackle climate change makes it possible to ascertain the region’s status in this area and the opportunities it offers. It provides countries with the detailed information they need to move forward and prepare to meet the objectives of the United Nations Framework Convention on Climate Change (UNFCCC). With accurate, up-to-date information on climate finance flows, countries can define their strategies for the transition to more sustainable development scenarios with a smaller environmental footprint and fiscal agents can identify gaps between supply and demand for specific financial instruments. The hope is that, rather than investment by fund providers and managers in sustainable initiatives with a smaller environmental footprint being an exception or anomaly, it will become a business model that gradually decouples economic development, investment and social inclusion from greenhouse gas (GHG) emissions.

Proposal on debt for climate adaptation swaps: a strategy for growth and economic transformation of Caribbean economies

ECLAC advocates that the Caribbean’s high debt dilemma was not principally driven by policy missteps, or the international financial crisis. Rather, it finds its roots in external shocks, compounded by the inherent structural weaknesses and vulnerabilities confronting Caribbean SIDS and their limited capacity to respond. A major factor has been the underperformance of the export sector, partly due to a decline in competitiveness and a slowdown in economic activity especially among the tourism-dependent economies. Caribbean countries have also accumulated debt as a consequence of increased expenditures to address the impact of extreme events and climate change attendant difficulties. Most Caribbean countries are located in the hurricane belt and are also prone to earthquakes and other hazards. Indeed, a disaster resulting in damage and losses in excess of 5 per cent of GDP can be expected to hit any Caribbean country every few years. Moreover, over the period 2000-2014, it is estimated that the economic cost of natural disasters in Caribbean countries was in excess of US$30.7 billion. The English Speaking Caribbean countries are extremely vulnerable to natural disasters.