High-Level Dialogue of the Regional Climate Change Platform sees adoption of vision supporting climate finance

From August 30th through the 31st, San Pedro Town, Ambergris Caye, hosted the third High-Level Meeting of the Regional Climate Change Platform of Economy and Finance Ministries of Latin America and the Caribbean. Hosted by the Government of Belize in collaboration with the Inter-American Development Bank (IDB), the two-day event saw delegations from various countries. The ministerial meeting ended with a powerful demonstration of unity as the participating countries adopted a regional vision for sustainable finance. This collective effort aims to boost sustainable finance and promote effective investments, reinforcing the shared responsibility of the participating countries in meeting their climate commitments.
This vision will be presented at international forums and negotiations on climate change, sustainability, and protecting biodiversity. The plan discussed in the meetings underscores the countries’ commitment to creating the conditions for capital to flow toward the ultimate sustainable goals. Another important topic discussed was the pledge to build a low-carbon, climate-resilient future for all.
The vision considered and the regional dialogue has five pillars. The first calls for support to increase the new collective quantified goal under the Paris Agreement, an international climate change treaty signed in 2016. It was shared in the meetings that the current goal of mobilizing $100 billion per year for developing countries is insufficient. According to IDB, an independent study estimates that by 2030, $2.4 trillion will be needed annually.
The other pillars focus on improving the region’s countries’ capacity to access financing from climate and biodiversity funds. These additional pillars also strengthened how these funds are monitored, bolstering national efforts to meet climate commitments and supporting changes in the international financial architecture for more just transitions.
Another achievement of the third High-Level Dialogue was the approval of its new 2024-2025 work plan, a significant step that sets the stage for future actions. This was followed by Colombia’s Ministry of Finance and Public Credit becoming the platform’s new president pro tempore. Colombia’s Minister of Finance and Public Credit, Ricardo Bonilla, expressed that it is an honor to take on the pro tempore presidency of the Regional Platform. “We believe it is imperative to accelerate actions to fulfill climate and environmental commitments through a fair energy, economic, and social transition,” Bonilla said. “I am convinced that through the commitment and regional collaboration fostered by the platform, we will find innovative financing solutions based on our realities and advance towards the sustainable development of the region.”
IDB’s Executive Vice President, Jordan Schwartz, stated that the agreement marked a turning point in regional collaboration to embed climate action and sustainability in fiscal, economic, and financial policies. His commitment to this cause was evident as he noted, “We are committed to continuing to work with the platform’s member countries to achieve just and fiscally sustainable transitions that build more resilient economies.” This assurance aims to instill confidence in the public about the region’s future.
Meanwhile, Belize’s Prime Minister, Honourable John Briceño, said it was an honor for Belize to host the significant event. “The natural shores of San Pedro vividly underscored the urgent need for collective action against climate change and reminded us of the responsibility we have to carry out through the work of this platform,” Briceño said. He added that the work done on a regional level has positively shaped national efforts to embed climate action into Belize’s economic and fiscal policies to continue leading to meaningful outcomes.
The Belize delegation led by Prime Minister Briceño also included Deputy Mayor of San Pedro Dianeli Aranda. Aranda also agreed that San Pedro is a vulnerable coastal community exposed to the dangers of climate change daily.
Following the event, participants learned more about Belize and its marine resources with a visit to the Hol Chan Marine Reserve, south of Ambergris Caye. Here, they enjoyed a day out at sea but also learned how the ongoing climate crisis has affected the Belize Barrier Reef System and had the opportunity to listen to potential solutions.