The economics of climate change in Latin America and the Caribbean: paradoxes and challenges
A report by the UN ECLAC calculates that, in a 2.5°C temperature rise scenario, the economic costs of climate change will equal approximately 2.5% of the region's annual gross domestic product (GDP). The study notes that the region is faced with “an asymmetrical dual challenge” given its limited contribution to total greenhouse gas (GHG) emissions and high vulnerability to climate change. It estimates the annual adaptation costs for the region at approximately 0.5% of the region's annual GDP. The report, titled ‘The Economics of Climate Change in Latin America and the Caribbean: Paradoxes and Challenges,' was launched by ECLAC Executive Secretary Alicia Bárcena on 22 September 2014, in New York, US, in the lead up to the UN Climate Summit. The study: estimates the potential impacts of climate change in the region; reviews adaptation measures and their potential costs, in particular for the small island developing States (SIDS) of the Caribbean and Central America; and examines global and regional greenhouse gas (GHG) emissions. It also discusses the importance of a more balanced public-private matrix for improved quality of life and for combating climate change, with a special emphasis on consumption patterns in relation to transportation needs.