We recently saw the 26th Conference of the UN Framework Convention on Climate Change or COP26 held in Glasgow ended on November 12th, 2021. The annual summit was a much-needed reaffirmation of the global effort to tackle the climate crisis Amid the pandemic. We have reached a point where even to limit global temperature rise to 1.5\u00b0C; countries need to cut global emissions by 45% by 2030 and achieve net-zero by 2050. <\/p>\n\n\n\n
The COP26 saw an agreement to halt and reverse forest loss and land degradation by 2030 signed by 130 countries, major automakers, and 30 countries participated in a pledge to phase out internal combustion engines by 2040. In addition, approximately 100 countries signed a global commitment to cut emissions by 30% by 2030.<\/p>\n\n\n\n
The leaders of Latin America\u2019s governments also stepped up. Several significant commitments were made, from deforestation initiatives to creating marine protected areas, directly impacting global carbon emissions, environment, and sustainability. They also pointed out the responsibility of developed countries, asking them to take the lead and be the frontrunner for climate change initiatives.<\/p>\n\n\n\n
The participation of Latin American countries was a defining moment, as eight countries in the Latin American and Caribbean region have been ranked among the world\u2019s ten most vulnerable to the effects of climate change. In addition, droughts have been the worst in six decades, and the year 2020 saw a record number of forest fires. <\/p>\n\n\n\n
This region hosts 40% of the world\u2019s biodiversity, 10% of its coral reefs, 12% of its mangrove forests, and large expanses of wetlands critical for natural ecosystems. Latin America has a significant opportunity to undertake transformative change by investing in a more holistic development that creates a greener, healthier, and more inclusive future. <\/p>\n\n\n\n
Colombia led the charge with President Iv\u00e1n Duque introducing the government\u2019s new long-term strategy<\/a> to reach carbon neutrality by 2050 but emphasized that Colombia will not wait for the rest of the world to act and start immediately. \u201cWe have set the goal of reducing our GHGs emissions by 51% by the year 2030 and achieving carbon neutrality by 2050,\u201d Duque said, giving a deep insight into Colombia\u2019s ambitious commitment to both short-term and long-term initiatives it plans to undertake.<\/p>\n\n\n\n To reaffirm its commitment to this, the government plans to declare 30 percent of its territory a protected area by 2022 instead of 2030 by leveraging green finance.<\/p>\n\n\n\n The government also announced an ambitious waterway project on the Magdalena River. The project will leverage the river for intermodal commercial cargo transport to reduce annual emissions of up to 190,000 MTs by 2030. Duque also announced a new marine protected area (MPAs) for Colombia<\/a>, with 160,000 square kilometres of protected area. <\/p>\n\n\n\n For Colombia, this ambitious plan would mean dedicated actions in strategic areas such as sustainable consumption and production, holistic, resilient cities, intelligent rural development, diversified energy sources focusing on renewables, and sustainable mobility. <\/p>\n\n\n\n Along with Colombia, the other Latin American countries also came forward to ensure a participatory and coordinated effort to tackle the climate issue as a united region.<\/p>\n\n\n\n President Fern\u00e1ndez of Argentina supported the country\u2019s rich \u2018natural capital,\u2019 calling for further climate funding and debt reduction. He suggested debt-for-climate swaps and payment for ecosystem services as essential tools to fuel COP initiatives. Fern\u00e1ndez also announced and signed a US$8 billion investment <\/a>deal with the Australian company Fortescue at COP for a green hydrogen plant in the province of R\u00edo Negro in Patagonia.<\/p>\n\n\n\n Ecuador\u2019s president Guillermo Lasso also announced a new 60,000 square-kilometer marine protected area (MPA) around the mega-biodiversity ecosystem of the Gal\u00e1pagos Islands, to be funded through a debt-for-nature swap<\/a>.<\/p>\n\n\n\n Costa Rica is the only Latin American country to present a decarbonisation strategy and to have started acting on it. Along with Ecuador, Panama, and Colombia, Costa Rica also agreed at COP26 to combine their marine reserves to form one interconnected protected area covering more than 500,000 square km. A fishing-free and protected corridor of the world\u2019s richest pockets of ocean biodiversity also see the world\u2019s most important migratory routes for several wild species.<\/p>\n\n\n\n Bolivian President Luis Arce pointed out that past attempts to establish national carbon markets in Latin America have failed or flawed implementation. Arce called on developed nations to step up and accept their responsibility for the climate crisis with focused and committed funding strategies. He proposed replacing carbon markets with direct action mechanisms through which developed countries can fund climate adaptation and mitigation projects.<\/p>\n\n\n\n Brazil\u2019s participation at the COP 26 was through a chosen delegation led by its environment minster Joaquim Leite, which pledged to reduce greenhouse emissions<\/a> by 50 percent by 2030, end illegal deforestation by 2030<\/a>, achieve net-zero by 2050. Making Brazil\u2019s intention very clear via in a pre-recorded video for the summit, President Jair Bolsonaro said, \u201cI reaffirm my message to all who participate in COP26 and the Brazilian people: Brazil is part of the solution to overcome this global problem.\u201d<\/p>\n\n\n\n