WASHINGTON, DC, December 10, 2008 – In the midst of the most severe global financial crisis in decades, the World Bank today urged the international community to look to Latin America for innovative solutions to avert a climate crisis. The region is in a position to lead middle income countries in reducing emissions from deforestation, breaking the impasse on hydropower development, improving energy efficiency, and transforming urban transport, a new Word Bank study concludes.
“Such an approach could simultaneously support economic recovery and encourage growth in areas that mitigate the impact of climate change. By promoting a shift towards low carbon economic activities, governments can not only help avoid dangerous climate change impacts but can also make the region more competitive, contributing to a faster recovery from the current economic slowdown,” says Pamela Cox, World Bank Vice President for Latin America and the Caribbean.
With oil prices falling, World Bank Chief Economist for Latin America and the Caribbean Augusto de la Torre acknowledges that “increased investments in green technologies are not going to be an easy sell.” However, he underlines that “there is growing support from businesses, government and civil society for the idea that the crisis itself provides an opportunity to create incentives for a low carbon development path.”
“Low Carbon, High Growth: Latin American Responses to Climate Change” released today, is the World Bank's flagship report on Latin America and the Caribbean (LAC). It explores how the region is exposed to climate change impacts and what it can do to avert its effects, both unilaterally and with the incentives of a global climate agreement to be negotiated next year in Copenhagen by the United Nations.
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