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Lima 2014 Blog: Keynote – Mary Gómez Torres, Corporación Andina de Fomento

Mary Gómez Torres (Photo: Renzo Rebagliati)

Friday, November 21, 2014

Mary Gómez Torres, senior executive of climate change and the environment at CAF, a Latin American development bank, spoke about financing to fight climate change. View her presentation.

About $1 trillion a year will be needed to fight climate change, she said. But currently, financing only amounts to 36 percent of that total. At CAF, around 23 percent of financing is for green initiatives. By 2020, the organization hopes to boost that number to 50 percent.

Torres explained the current global scenario, showing the rising emissions in different regions. Drastic change is needed to prevent temperatures from spiking, she said.

The upcoming climate summit in Lima will set the stage for contributions by country, which is key, said Torres. She gave an overview of which Latin American countries have climate change legislations and strategic plans, noting that it's critical for governments to have clear policies in order for the private sector to take action. Governments must set an example, she said, citing Mexico's carbon tax that is changing how businesses operate. Meanwhile, the private sector should focus on innovation to move toward a greener economy.

Watch the video: