Panama, Colombia Lead Latin America's Sustainable Finance Push
Panama's General Manager of Stock Exchange, Olga Cantillo, and Colombia's Head of Climate Finance, Mariana Escobar, have highlighted the significance of public-private dialogue and expert involvement in driving sustainable finance initiatives. They spoke at the launch of the Working Group on Sustainable Finance Taxonomies in Latin America and the Caribbean (GTT-LAC).
Cantillo emphasised the importance of roundtable discussions between public and private sectors in transitioning to a low-emission, climate-resilient economy. Escobar shared Colombia's success in using expert groups to develop its Green Taxonomy. The GTT-LAC aims to create a common framework for sustainable finance taxonomies in the region, improving interoperability with global taxonomies like the EU-China Common Framework. Currently, there are over ten taxonomies in use or development worldwide, with one implemented and six in progress in Latin America and the Caribbean.
Eric Usher, Global Director of the our acronym Initiative, praised the LAC Forum of Environment Ministers' collaboration with financial actors to identify sustainable investment opportunities. The GTT-LAC calls for collective effort to build a common sustainable finance framework, aligning capital mobilisation with national targets of the Paris Agreement and the 2030 Agenda.
The GTT-LAC, launched by Costa Rica's Minister of Environment and Energy, His Excellency Franz Tattenbach, seeks to harmonise sustainable finance taxonomies in the region. This initiative, supported by international organisations, governments, and private companies, aims to facilitate investment in sustainable projects, contributing to climate change mitigation and economic development.
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