GFANZ unveils LatAm and Caribbean network to unlock climate finance

UNFCCC's Patricia Espinosa Cantellano to chair advisory board

The Glasgow Financial Alliance for Net Zero (GFANZ) has launched a Latin America and Caribbean Network to drive net-zero progress in the region.

Latin America and the Caribbean contribute less than 10% of global greenhouse gas emissions yet is considered one of the most vulnerable regions to a diverse set of climate-related risks.

However, according to GFANZ, it is also well positioned to take advantage of climate-related opportunities and help lead global climate solutions, from protecting tropical primary rainforests from deforestation to the expansion of biodiversity conservation through low-carbon agriculture and opportunities for developing renewable energy infrastructure.

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Mark Carney, GFANZ co-chair and UN special envoy for climate action and finance, said that the launch was “an important milestone”.

“The Latin America and Caribbean network will ensure regional priorities are reflected in our global work, while GFANZ tools can help local finance and policymakers accelerate the transition. A growing number of financial institutions around the world are recognising the important of addressing climate change which is driving GFANZ’s continued growth. We will continue to build our regional networks to help them deliver.”

Working with local financial institutions, the network will aim to accelerate efforts to unlock climate finance, including supporting financial institutions on planning for the transition, implementing climate targets, building capacity and engaging with policymakers on actions to accelerate capital mobilisation.

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The network will be guided by an advisory board composed of leading climate and finance figures from the region, who will provide strategic direction, guidance and expertise in overseeing the network’s workplan and outputs.

Former executive secretary for the United Nations Framework Convention on Climate Change, and former secretary of foreign affairs of Mexico, Patricia Espinosa Cantellano, will serve as chair of the GFANZ Latin America and Caribbean advisory board, and Joaquim Levy, director of economic strategy and market relations at Banco Safra, will serve as vice chair.

The launch of the GFANZ Latin America and Caribbean network follows the creation of the GFANZ Asia-Pacific and Africa networks last year.