In a new Economic Commission for Latin America and the Caribbean (ECLAC) presented at the COP28 summit, the United Nations said that Latin American countries must invest up to 4.9% of their gross domestic product into combating the impact of climate change.
According to the report, countries from the region need to invest between $2.1 trillion to $2.8 trillion by the year 2030.
In comparison, Latin America only put .5% of its GDP toward climate change in 2020.
The ECLAC report went on to say that the majority of funds would need to be put toward climate mitigation strategies, followed by investment in adaption methods.
