The climate crisis in our region is not going away. Climate, like the COVID-19 crisis, takes the greatest toll on the most vulnerable people in the region.
Clean energy and clean transport are key sectors in the region’s agenda to rebuild better.
Non-traditional renewable energies, wind and solar in particular, are now cost-competitive in many countries if regulatory and contractual barriers to their integration into the energy matrix can be overcome.
Energy efficiency investments in buildings could reduce carbon footprints while generating many low-skill jobs during building retrofits. On the transport side, a renewed focus on public transit should be a high priority.
Investment in adaptation infrastructure such as weatherproof roads and climate resilient housing can have immediate positive effects on employment from construction related jobs even as they build longer term resilience for households.
For every US$ 1 million invested in the construction sector, close to 200 jobs are expected to be created in Bolivia, 130 jobs in Nicaragua, and 120 in Honduras.
According to a recent World Resource Institute and New Climate Economy report, moving to a low-carbon and sustainable economy could add $535 billion to Brazil’s GDP by 2030 compared with business as usual.
Op-ed by Carlos Felipe Jaramillo, World Bank Vice President for Latin America and the Caribbean.