UNDP: Mobilization of green finance in Latin America

This contribution is a program support for the UNDP Regional Latin America & the Caribbean Hub in Panama (UNDP/RBLAC) to develop the Program “Promoting the mobilization of Green Finance in the LAC region to accelerate the implementation of NDCs as a pathway for regional environmental sustainability and resilience”. The project’s general objective is to promote and scale-up the mobilization of green finance for the acceleration of Nationally Determined Contributions (NDCs) in the LAC region, while looking to address structural barriers identified by governments in their efforts to increase green finance. The project will frame its objectives around three main workstreams that will directly influence the structural changes to foster the mobilization of green finance at national level within the LAC region: Data generation and knowledge management: data generation, data gathering, modeling, analysis and knowledge management are crucial to inform the development of policies that tackle the root causes of the current climate challenges and problems. More importantly they are a key input to identify gaps and barriers to mobilize and expand on climate action while unlocking nature finance. Institutional and regulatory frameworks for climate change: structural changes are necessary for the development of climate and environmental policies based on accurate and reliable information. These changes are further required at an institutional level to ensure their long-term sustainability. Best practices, methodologies and regional case studies are needed to fast-track the implementation and increase the impact of such changes through regional based solutions that are grounded on national best practices. Nature finance mobilization: for the effective implementation of policies, financial resources are needed. To ensure budget allocation for climate and nature, Finance Ministries will need to rethink their planning procedures and look to implement green budgeting methodologies. Furthermore, these policies will need to be accompanied by regulatory frameworks that will allow to unlock further private investments to contribute to the achievement of ambitious NDC targets. This program is expected to make a contribution to the Environmental policy sector, by strengthening governments in green finances management.