In Latin America, conditions of geography, climate and vulnerability to natural, social and economic events make the region highly fragile with regard to the economic impacts of climate change. The annual damage suffered by the countries of Latin America and the Caribbean, estimated in terms of the reduction in agricultural yield, the disappearance of glaciers, flooding, drought and other events caused by global warming, would amount to 100 billion dollars by 2050, according to the figures in a recent study performed by the Economic Commission for Latin America and the Caribbean (ECLAC), the Inter-American Development Bank (IDB) and the Worldwide Fund for Nature.

These and other data raise the challenge of implementing clear and viable medium- and long-term strategies allowing for the appropriate use of funds for adaptation and mitigation, along with the development of a green economy to convert forms of production and consumption, in addition to improved fiscal policies for the management of natural resources.

Based on a principle of Common but Differentiated Responsibilities, countries will, at a global level, need to move towards green development which is sustainable in environmental, economic and social terms, and which acknowledges the complementary nature of economic development and climate protection.

Various studies indicate that the cost of adaptation represents a small fraction of the cost of the material impacts derived from inaction. Meanwhile, the benefits in terms of socio-economic development, such as food and energy security or air and water quality, also mean that investments in adaptation are cost-effective. Meanwhile, the longer substantial measures are delayed, the greater the price to be paid.

We must act now. There is no other option and no other time. Climate change is not only the effect of a type of development but could also be the cause of heightening the poverty and non-viability of many economies in the region.