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.


Related content


Data is highlighting government efforts to address climate change, and helping identify the gaps, investment priorities, and policies which will allow Chile to address climate change impacts in the years ahead.

Posted on November 23, 2021


The Climate Business Index, which is a joint initiative by UNDP and the Ministry of Planning and Investment (MPI) encouraging companies to take climate actions, has recently co-organized the regional webinar on ”Building Low-Carbon, Climate Resilient Future through Green Bonds” under its climate finance training with Asian Development Bank and Climate Bonds Initiative.

Posted on December 16, 2020


The costs of climate change loom large for Indonesia, the world’s fourth most populous nation. Rising to the challenge, the government is forging new and innovative financing instruments, including issuing the world’s first Green Sukuk.

Posted on November 12, 2020


Through the NDC Support Programme, in collaboration with the Climate Change Department in the Ministry of Water and Environment and Private Sector Foundation Uganda, these six climate challenge grants were selected from a pool of 325 proposals from registered groups.

Posted on June 16, 2020