{"id":47544,"date":"2022-11-11T17:09:55","date_gmt":"2022-11-11T17:09:55","guid":{"rendered":"https:\/\/climatechangenews.com\/?p=47544"},"modified":"2022-11-11T17:09:55","modified_gmt":"2022-11-11T17:09:55","slug":"latin-america-closes-ranks-cop27-debt-climate","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2022\/11\/11\/latin-america-closes-ranks-cop27-debt-climate\/","title":{"rendered":"Latin America closes ranks at Cop27 around climate finance"},"content":{"rendered":"

High debt, climate impacts and financial needs are drawing Latin American countries closer together at Cop27 in Sharm el-Sheikh, with some calling for a joint negotiating bloc at climate talks.<\/strong><\/p>\n

Historically, in climate talks, Latin America has been divided into two negotiating groups: the right-leaning Ailac countries and the left-wing<\/span> Alba bloc. Brazil, the region\u2019s biggest country, negotiates on its own. In other international talks, the region sticks together.<\/span>\u00a0<\/span><\/p>\n

The Community of Latin American and Caribbean States (Celac) \u2014 which excludes Brazil \u2014 issued a <\/span>joint statement<\/span><\/a> at Cop27 calling for, among other things, the need for \u201ca greater mobilization of financial resources from developed countries\u201d, sovereign bonds and debt swaps.<\/span><\/p>\n

The joint move at Cop27 is a sign of greater coordination among Latin American states, analysts told Climate Home News.<\/span><\/p>\n

Latin America was the world\u2019s most indebted region in 2021, according to a <\/span>UN report<\/span><\/a>.<\/span><\/p>\n

The International Monetary Fund <\/span>warned<\/span><\/a> that, after the Covid-19 pandemic and Russia\u2019s war in Ukraine, the region is poised to suffer a \u201cthird shock\u201d from a global hike in interest rates.<\/span><\/p>\n