Despite being one of the regions that contributes least to global warming, estimates by the WB indicate that Latin American countries have lost 1,7% of their annual Gross Domestic Product due to climate-related natural disasters over the last two decades.
As the region is vulnerable and highly exposed to most of the negative effects of climate, almost six million people could fall into extreme poverty, the WB warned.
Latin America and the Caribbean contribute around 8% of greenhouse gas emissions, which largely come from the agricultural sector, land use change and forestry.
Without concrete mitigation measures, it is estimated that more than 17 million people could be forced to migrate within their own countries to escape the consequences of climate change on the continent.
The UN Intergovernmental Panel on Climate Change also stated that Latin America is experiencing impacts on agricultural production, traditional fisheries, food security and human health, due to the increased frequency and severity of droughts and the consequent decrease in water availability in some regions.