The United Nations Development Program (UNDP) supports the need for greater investment and the importance of using "financial tracking" tools to address climate change and to achieve the goals agreed in the Paris Climate Change Agreement in 2015.

This was expressed today by the regional technical adviser for Latin America from UNDP’s NDC Support Program, Gianluca Merlo, who also stressed that "the private sector is tremendously important" when looking for financing.

"Facing the need for urgent action on climate change with 100 billion dollars a year is like entering a class 5 hurricane with an umbrella," said the Venezuelan expert, referring to UNFCCC Executive Secretary Patricia Espinosa's appeal during the Latin America and Caribbean Climate Week held in Montevideo that week.

In this meeting, a series of methodologies were presented to "establish the [climate-related] expenditures of the public sector and the private sector", in addition to allowing "the monitoring, reporting and verification of climate spending", with the objective of creating "much more concrete and reliable information. "

"The interesting thing about the figures is that in order to get to them, you have to go through a series of necessary processes that include talking among the various institutions and at different levels of government, and developing roadmaps for what you want to do," he said.

Merlo emphasized the need to "implement all the efforts that are contained in the Paris Climat Change Agreement", and defined the current scenario as "quite serious", underlining the need for "much more ambition efforts". Regarding Climate Week, the climate change expert hopes to "achieve a better approach between multilateral funds and countries," in addition to an exchange of information among the participating countries.

"I hope that this week, there can be important progress in the reconciliation between countries’ need for financing […] and the fact that they are [now] able to express more efficiently and more concretely what they need," he said, referring to the Climate Week that is being celebrated between from 21 to 23 of August in Montevideo.

The article was translated and adapted from the original article by EFE.

 

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