ARKANSAS, Dec 05 (Future Headlines)- Latin America and the Caribbean face a crucial challenge in meeting their climate targets, as highlighted in a report presented at the COP28 summit in Dubai by the Economic Commission for Latin America and the Caribbean (ECLAC).

The report emphasizes the urgent need for the region to significantly increase spending on climate-related initiatives, ranging from transportation, energy, infrastructure, and deforestation to adaptation measures like early warning systems, poverty alleviation, coastal protection, and water sanitation.

The suggested annual spending is estimated to range between 3.7% and 4.9% of the gross domestic product (GDP) by 2030, a substantial rise from the 0.5% recorded in 2020. This calls for total investments ranging from $2.1 trillion to $2.8 trillion by 2030. The report underscores the potential consequences of climate change on labor productivity, predicting a 10% reduction in some countries, negatively impacting economic growth.

The document further highlights the current challenges faced by the region, including extreme weather events affecting agriculture and water scarcity, emphasizing that the cost of inaction far surpasses the cost of taking immediate and substantial action. ECLAC’s Executive Secretary, Jose Manuel Salazar-Xirinachs, emphasizes the critical importance of acting promptly to address these challenges and stresses the availability of necessary resources to accomplish these goals.

Reporting by Emad Martin