Mobilizing finance, championing nature
From 23-27 October 2023, Panama City will be at the forefront of climate discussions as it hosts Latin American and Caribbean Climate Week (LACCW). Organized by the government of Panama, the event invites diverse stakeholders, from governments to business and civil socity to collaborate and catalyze climate action in the region ahead of of COP28.
The Climate Champions Team’s priorities for the week focus around four key areas:
- Financing inclusive and resilient climate solutions: The week will spotlight innovative solutions and strategies by diverse non-Party stakeholders (NPS) aimed at achieving fair climate financing and boosting community resilience. The Glasgow Financial Alliance (GFANZ) network for Latin America will be launched – a recognition of the increasing number of financial institutions in the region committed to accelerating the decarbonization of the economy. In addition, a rountable will be held on how banks, insurers and investors in the region can collaborate on climate adaptation financing
- Radical collaboration for a just energy transition: Emphasis will be put on promoting dialogues to support a fair and inclusive energy transition in the region taking into account, the development needs and opportunities of low-income countries. The Hydrogen Alliances are set to release a statement, emphasizing a sustainable pathway forward.
- Strengthening subnational leadership and governance: The week will see stakeholders delve into strengthening the role of regional governments in climate action and promoting multi-level governance. Expectations are high for commitments to bolster urban resilience through innovation, technology and nature-based solutions.
- Strategies for nature protection and restoration: NPS will be called upon to fast-track climate action by integrating nature into climate plans and increasing investment in nature-based solutions. Emphasis will be put on adhering to recommendations of Task Force on Climate-related Financial Disclosures (TCFD) and Task Force on Climate-related Financial Disclosures (TNFD), as well as setting science-based targets for climate (e.g. SBTi FLAG) and nature (SBTN land and water use targets), and confronting challenges like deforestation and related human rights abuses.
- Promoting dialogues to support a fair and inclusive climate action: The week will see stakeholders work collaboratively to raise the bar on what diversity and inclusion mean for Latin America and the Caribbean. From driving greater inclusion of Indigenous voices and local communities that have been historically left out of these conversations, to drawing on perspectives from across the gender spectrum.
Nature and a just transition will be a core thread through the event, with the Climate Champions Team anticipated to play a pivotal role in fostering collaboration, synergizing efforts, and amplifying solutions.
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