By Leeron Brumell
During the sixth annual Security Challenges in Latin America Forum, President Irfaan Ali emphasized the urgent need for a new climate finance mechanism to tackle climate change in Latin America and the Caribbean.
President Ali highlighted the necessity for innovative approaches to address the pressing climate challenges facing the region.
He underscored this point by sharing success stories from Guyana, illustrating the country’s proactive response to climate change.
One of the key initiatives mentioned by President Ali was Guyana’s implementation of practical measures for the sustainable use, management, and conservation of terrestrial land and ocean resources.
Additionally, he emphasized the importance of building institutions to support sustainable development and combat climate change while advocating for new avenues to raise funds to address climate challenges.
In his presentation, President Ali focused on land use in the Amazon Basin and marine conservation, stressing the need for collective action from all countries in the region.
He proposed that each country allocate 19 percent of its Gross Domestic Product (GDP) to respond effectively to climate challenges.
President Ali referenced projections from the International Monetary Fund (IMF), which estimate the cost of mitigation and adaptation for climate change in Latin America and the Caribbean to be between 90 and 100 billion dollars per year.
He emphasized the significance of leveraging resources, highlighting Guyana’s unique position in the Amazon basin and the Caribbean region.
Furthermore, President Ali emphasized Guyana’s commitment to environmental protection, noting the country’s Jurisdictional scale certification and its utilization of oil wealth to safeguard the environment.
He also highlighted Guyana’s Low Carbon Development strategy, which forms the foundation of the country’s development agenda.
President Irfaan Ali’s call for a new climate finance mechanism underscores the critical need for collective action and innovative solutions to address the escalating climate crisis in Latin America and the Caribbean.