The results of a new tool, which monitors the fiscal spending policies related to Covid-19 and announced by 33 regional countries, showed that ecological recovery is possible, but unfortunately a better investment is needed. This is the conclusion of the Global Recovery Observatory´s initiative, led by the University of Oxford and supported by the UN Development and Environment Programs.
‘Aligning investments with a clean, green and sustainable future is not so much about spending more, but about spending better,’ said UN Climate Change Executive Secretary Patricia Espinosa.
Latin America has been severely hit by the Covid-19 pandemic, a region that homes 8% of the world’s population, reports about 29% Covid-19 deaths, and economically speaking, its gross domestic product (GDP) has shrunk 7% in 2020.
In this regard, the Global Recovery Observatory found that Latin America spent over US$7 billion in unsustainable sectors, compared to US$1.5 billion invested in sustainable initiatives. Of such a figure, 74% went to fossil-based energy infrastructures and 13% to unsustainable port and airport infrastructures, ramping up CO2 emissions.
UN Climate Change´s heads called for aligning recovery efforts with the Paris Agreement to speed up transition towards a sustainable and inclusive economy.
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