SITAWI coordinates a cluster in the Latin American Observatory for Climate Action

SITAWI Finance for Good is the new coordinator of the Climate Financing cluster from the Latin American Observatory for Climate Action (OLAC). The group aims to monitor the financial streams to commitments taken by countries from Latin America and the Caribbean (LAC) in response to the Paris Agreement. Another goal is to provide technical assistance to facilitate the access and management of climate financing. The group is led by Fred Seifert, SITAWI’s Sustainable Finance manager.

“Being chosen to coordinate the cluster is a great honor and responsibility because our specific goal is fundamental to completing the targets established by LAC countries in response to the Paris Agreement: to evaluate the financial resources available to fulfill their Nationally Determined Contributions (NDCs), how much is still needed to their complete execution and how to close the gap between existing and needed financing  – also considering alternative landscapes in which more and stronger targets are taken into account. Choosing a representative from SITAWI reflects our position as a front-line institution in the area with region-wide recognition”, comments Seifert.

The Latin American Observatory for Climate Action was idealized in 2018, during COP 24, in Poland, and is being launched now. The main goal is to facilitate the exchange between governments, private sector, the media and civil society organizations, in order to make sure that countries from Latin America and the Caribbean are able to fulfill their NDCs – or even make them more ambitious.

Even though NDCs point towards a victory for the establishment of regular targets, the measurements are still not enough to fight against climate change, considering a maximum increase of 2ºC in the global temperature. The situation is even more critical when one takes into consideration the recent publication from the Intergovernmental Panel on Climate Changes (IPCC) that reinforces the need to keep the rise below 1,5ºC.

The initiative, led by the Group for Climate Finance in Latin America and the Caribbean, has over 60 institutions from 13 countries, and creates plans and concrete actions to be adapted by the different spheres of government. Until the end of 2019, their goal is to make a complete diagnosis of the current situation of at least 5 LAC countries, taking into account factors such as the management of climate financing, how NDCs are being implemented and public policies related to climate change.

In short-term, the main objective is that the obtained results create a space for discussion, informative materials and studies to be presented at COP 25, happening between 11-22 November, in Chile. In medium-term, the Observatory aims to consolidate itself as one of the leading monitoring and civic participation mechanisms in complying with fulfillment of the NDCs, collaborating with the establishment of more effective targets in at least 10 countries from Latin America and the Caribbean.