The Economic Commission for Latin America and the Caribbean (ECLAC) said in a new report that the Latin America and Caribbean region would need up to $284 billion in investment in climate action commitments annually up to 2030.
Sustainable finance taxonomies act as classification systems that identify environmentally and socially sustainable economic activities, helping mobilize capital into green, social, sustainability, and sustainability-linked (GSSS) debt markets
The report, “Sustainable taxonomies and international debt markets,” said: “Mobilizing investment on the scale required to achieve climate and sustainable development objectives remains a major global challenge, particularly for emerging market and developing economies (EMDEs).
“At the twenty-ninth session of the Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC), Parties called for scaling up financing for climate action in developing countries from public and private sources to at least US$ 1.3 trillion annually by 2035 (UNFCCC, 2024)...
