Take urgent action climate changeand its impacts Progress in Latin Americaand the Caribbean up to 2024 Regional overview •Climate change is the challenge of the century for humankind.Its causes and consequences call for urgent action to meet theParis Agreement goals of limiting the rise in the global averagetemperature through low greenhouse gas (GHG) emissions •The Latin American and Caribbean region is committed to climateaction, has relatively clean energy and electricity mixes andconsiderable renewable energy potential, and has the strategicminerals and key sectoral mechanisms necessary for the energy •Despite generating only 10%of global GHG emissions,LatinAmerica and the Caribbean is highly vulnerable to theeffects of climate change, mainly on account of its geographicallocation and socioeconomic characteristics. The region's efforts •Significant progress has been made in terms of disaster riskreduction. All countries in the region have some form of earlywarning system, 21 have a national disaster risk reduction strategy,and there is more adequate funding to respond to emergencies. Key facts on the region •Land-use change,forestry and agriculture account forasignificant share of regional emissions,owing to theimportance of the primary sector and the low technificationof these activities in the region. Some 58% of GHG emissions •Higher-income population groups emit a greater proportionof GHGs in the region. However, lower-income populationsarethe most vulnerable and suffer most from the •The Latin American and Caribbean region will needto significantly increase the pace at which it has beendecarbonizing its economies and move from a historicaldecarbonization rate of -0.9% per year on average (recorded •More than half of fossil fuel subsidies in the region targetoil and about 20% go to natural gas and electricity end-use.While fossil fuel subsidies have trended downward overthe last decade, in 2021, US$75.6 billion was allocated Only five countries in the region have introduced a nationalcarbon tax, although progress is being made in the design of •The region is particularly vulnerable to extreme weather events,especiallyin the Caribbean,where they can cause majorsetbacks. For example, Dominica sustained damage and lossesamounting to 226% of its GDP when it was devastated by Good practices in the region •In Latin America and the Caribbean, 29 of the 33 countries haveeither submitted updated nationally determined contributions orsuccessive nationally determined contributions to the UnitedNationsFramework Convention on Climate Change (UNFCCC). In addition, •In Latin America and the Caribbean there is an increase inclimate ambition compared to the first nationally determinedcontributions that countries submitted in 2015. The region's 2030climate targets reflect emission reductions of between 24% and •Progress has been made in the region's institutional frameworkand there are areas dedicated to climate change in governmentministries (such as finance, planning, energy or agriculture), aswell as in some central banks. Progress has also been made on •Latin American and Caribbean countries have advanced inthe use of tools such as geographical information systems anddisaster risk assessment. However, challenges remain in relation Renewableenergy •In the region, 21 countries have a national disaster risk reductionstrategy in line with the Sendai Framework. In addition, the networkof Caribbean Chambers of Commerce was created in 2019, withthe aim of achieving greater collaboration between stakeholders Sustainablemobility •The region has made significant progress in terms of emergencyresponse funding, as well as in budget allocation and financing •Latin American and Caribbean countries have made progress inpre-disaster preparedness. Noteworthy in that regard are earlywarning systems such as the Climate Risk and Early WarningSystems initiative in the Caribbean, which in 2022 and 2023 Decarbonization •In terms of building back better, several initiatives stand out,including that of the United Nations Development Programmeinconjunction with Antigua and Barbuda and Dominica,which focuses on repairing or rebuilding key infrastructure Key regional statistics