The World Bank’s vice president for the Latin America and Caribbean region, Carlos Felipe Jaramillo, has warned that the effects of climate change will threaten many people in the Latin America and Caribbean region, pushing more than 5.8 million people into extreme poverty by 2030.
In an article published on the World Bank’s blog, Jaramillo has appealed to the need to «do something about it» so that more than 17 million people do not have to leave the countryside and cities to escape climate impacts. «This figure is equivalent to more people than the entire population of Costa Rica, who could become extremely poor,» he said.
Thus, he has pointed out that «tackling climate change» will be good for Latin America and its economy. «There is no contradiction between fighting climate change and economic development. Action can protect people and help everyone benefit from the great opportunities that the future offers,» he added.
AGRICULTURE AND ENERGY Among the main focuses of attention for the Latin American economy, the head of the World Bank stressed that support is needed to make the agricultural sector more resilient to the effects of climate change, as well as to invest more in innovation. «Caribbean countries, such as Jamaica, are already setting an example with innovative financial products to address the climate risks of hurricanes and other disasters», exemplified Jaramillo.
The vice-president also included among the major challenges the path to decarbonization of its economy, expressing his desire for the region to take advantage of its lithium and copper resources, «crucial materials for electric vehicles and other clean technologies». In this regard, he gave the example of Chile, where they are already developing green hydrogen, «a fuel of the future that could revolutionize the entire industry».
In turn, Jaramillo recalled that more than 50% of the region’s energy production already comes from clean and renewable sources, such as hydroelectric, solar and wind power. «Increasing this share would allow the region to export more products and sell them at a higher price because they are produced without burning fossil fuels,» he concluded.
