“The climate emergency demands immediate action,” said Arbeleche in Brussels

2023-07-20 03:24:58

Azucena Arbeleche, Minister of Economy and Finance of Uruguay.

The Minister of Economy and Finance, Azucena Arbeleche, participated in the summit of the European Union (UE) and the Community of Latin American and Caribbean States (celac) in Belgium. At the event, she participated in a round table on “Sustainable Financing in Latin America and the Caribbean: Strengthening the Sustainable Bond Market”, where she presented Uruguay’s strategic vision in this area.

During his speech in the city of Brussels on Monday the 17th, Arbeleche highlighted the existence of three challenges that affect global public goods: the preservation of peace and food security, the protection of public health and environmental integrity.

Regarding the climate emergency, the minister stressed the need to act immediately and in the long term, rejecting incremental solutions. In her words, both developed and developing economies must take strong measures to reduce greenhouse gas emissions and preserve natural capital.

Arbeleche highlighted the importance of an open dialogue between all the actors involved and mutual accountability to establish concrete transition plans towards a low carbon economy.

In her second speech, the minister emphasized that Uruguay is working to encourage other countries to adopt sustainable policies and join green conversion as part of their development strategies.

Sustainable bond linked to climate indicators

To carry out this initiative, the Ministry of Economy worked together with other sectoral ministries, the Inter-American Development Bank (IDB) and the United Nations Program (UNDP) in the development of a “Sustainable Bond Linked to Climate Indicators”.

The issuance of this bond was not only a novel contribution to global sustainable financing, but also a sign of the Uruguayan government’s political determination to achieve its objectives in this area.

Arbeleche explained that practical proposals have been presented through multilateral loans to achieve a significant impact in the transition towards a world economy low in carbon emissions.