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CAF lauds UAE’s launch of climate fund, highlights pressing need to fulfill commitments of the Paris Agreement

CAF lauds UAE’s launch of climate fund, highlights pressing need to fulfill commitments of the Paris Agreement
10 Dec 2023 12:34

DUBAI (ALETIHAD)

The UAE’s announcement of a $30 billion fund is a significant achievement in bridging gap in climate financing, said Alicia Montalvo Santamaría, Manager of Climate Action and Positive Biodiversity at the Development Bank of Latin America and the Caribbean (CAF).

Speaking to Aletihad on the sidelines of COP28, Santamaría highlighted the pressing need to fulfill the commitments of the Paris Agreement, which aims to cut greenhouse gasses to limit global temperature increases as close as possible to 1.5 degrees Celsius. 

Santamaría emphasised the need to align adaptation projects with the ongoing global discussions on the adaptation goal currently taking place.

The challenge lies in identifying elements for effective national adaptation, mainly focusing on internal indicators, she said.

Simultaneously, the identification of determinants should also extend to regional level to identify the vulnerable groups. 

Moving to CAF’s role she said the organisation aims to solidify its presence in Latin American and Caribbean countries.

“We are looking for shareholders that really make it possible to make more fruitful investments in the region. What we do is to try to really identify the priorities of the countries, and adaptation is the priority,” she said.

Elaborating on potential collaboration with the UAE, she highlighted renewable energy, pointing out that Latin America is rich in renewable sources such as wind and solar energy.

In Latin America, emissions primarily originate from agriculture, she said, attributing it to deforestation.

Santamaría also highlighted water management, as another area of potential collaboration as the challenges are, to some extent, very similar. 

She emphasised the importance of ensuring the active participation of Latin American countries in decision making pertaining to climate change.

The ongoing global efforts not only mitigate the impacts of climate change but also free future generations from the burden of financial challenges resulting from climate change, she added.

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