INSIGHT by GFANZ
New regional network will support engagement with financial institutions and policymakers across Latin America and the Caribbean to capitalize on the net-zero transition opportunity for the region
Yesterday, during the United Nations Latin America and Caribbean Climate Week, the Glasgow Financial Alliance for Net Zero (GFANZ), the world’s largest coalition of financial institutions committed to the goal of net zero by 2050, announced the formation of its Latin America & Caribbean Network and the creation of a senior Advisory Board to drive net-zero progress in the region.
Latin America and the Caribbean contributes less than 10% of global greenhouse gas emissions, yet is one of the most vulnerable regions to a diverse set of climate-related risks.[1] However, it is also well positioned to take advantage of climate-related opportunities and help lead global climate solutions – from the region’s tropical primary rainforests which, if protected from deforestation, are critical for carbon storage and biodiversity, to the critical minerals that are crucial for clean energy technologies, to the potential of expanding biodiversity conservation through low-carbon agriculture, and renewable energy including wind, solar, and geothermal to improve energy security, access, and sustainability.
The GFANZ Latin America & Caribbean Network will work with local financial institutions to accelerate efforts to unlock climate finance in the region. This includes supporting financial institutions on planning for the transition, implementing climate targets, building capacity, and engaging with policymakers on actions to accelerate capital mobilization.
The Network will be guided by an Advisory Board, composed of leading climate and finance figures from the region, who will provide strategic direction, guidance, and expertise in overseeing the Network’s workplan and outputs. The Network’s work will be driven by a senior member of the GFANZ Secretariat, Alan Gómez, as the Managing Director of the Network. Alan previously led climate-related initiatives for Citibanamex and was a former member of the Task Force on Climate-Related Financial Disclosures (TCFD).
Patricia Espinosa Cantellano, former Executive Secretary for the United Nations Framework Convention on Climate Change (UNFCCC) and former Secretary of Foreign Affairs of Mexico, will serve as Chair of the GFANZ Latin America & Caribbean Advisory Board, and Joaquim Levy, Director of Economic Strategy and Market Relations at Banco Safra and Former Minister of Finance of Brazil, will serve as Vice Chair. They will be joined by leading experts on climate finance from private, public, and civil society sectors, such as:
〉Daniel Becker, President, Latin American Federation of Banks (FELABAN), and General Director, Grupo Financiero Mifel
〉María Eugenia Brizuela de Avila, former Minister of Foreign Affairs, El Salvador and former President, Banco Salvadoreño
〉Olga Cantillo, Executive President, Bolsa Latinoamericana de Valores (Latinex) and former Chairwoman, Ibero-American Federation of Stock Exchanges (FIAB)
〉Valentin Galardi, President, Argentine Mutual Funds Association and Chair, Ibero-American Federation of Investment Funds
〉Ilan Goldfajn, President, Inter-American Development Bank
〉Juan Carlos Mora Uribe, CEO, Bancolombia
〉Gonzalo Muñoz, COP25 UN Climate Change High-Level Champion
〉Racquel Moses, CEO, Caribbean Climate-Smart Accelerator and Global Ambassador for Race to Zero
Azucena Arbeleche, Minister of Economy and Finance of Uruguay, will participate as an Observer to the Advisory Board. The Advisory Board will see further experts join over the course of the year for balanced representation across Latin American and Caribbean and to reflect the diverse perspectives of economies across the region.
The launch of the GFANZ Latin America & Caribbean Network follows the successful creation of the GFANZ Asia-Pacific and Africa Networks last year. These networks ensure the expertise and perspectives of all regions are embedded in GFANZ’s work, and that financing the transition to net zero remains a top priority in every corner of the world.
The effort to support the development of net zero-aligned finance, with a focus on developing countries, is one shared by GFANZ’s global partner UN Environment Programme-Finance Initiative (UNEP-FI) and Principles for Responsible Investment (PRI), and this work will be done in close coordination with them.
“Helping more financial institutions create feasible plans for reaching their net-zero commitments is a critical next step in the global fight against climate change. The launch of GFANZ’s Latin America & Caribbean Network will accelerate that work in a part of the world with vast renewable energy potential. Together with local partners, we can mobilize even more capital for clean energy projects across this important region.”
-Michael R. Bloomberg, GFANZ Co-Chair and UN Special Envoy for Climate Ambition and Solutions
“This is an important milestone. The Latin America & Caribbean Network will ensure regional priorities are reflected in our global work, while GFANZ tools can help local finance and policymakers accelerate the transition. A growing number of financial institutions around the world are recognising the importance of addressing climate change which is driving GFANZ’s continued growth. We will continue to build our regional networks to help them deliver.”
-Mark Carney, GFANZ Co-Chair and UN Special Envoy for Climate Action and Finance
[1] United Nations Economic Commission for Latin America and the Caribbean (CEPAL)
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