The "Getting to Net-Zero Emissions" report provides insights in the work done by LAC governments to design and implement long-term decarbonization strategies and plans. Published by the Inter-American Development Bank, it is signed by the IDB and the Deep Decarbonization Pathways-LAC consortium.
All Latin America and the Caribbean countries have ratified the Paris Agreement, which aims to limit global warming to between 1.5C and 2C above pre-industrial levels. Those goals require reaching net-zero carbon dioxide emissions by around 2050 and substantial reductions of CO2 emissions by 2030.
"Getting to Net-Zero Emissions" takes stock of the lessons learnt from the experiences of country teams implementing the ongoing IDB-led Deep Decarbonization Pathways in Latin America and the Caribbean Project and proposes approaches to developing and delivering long-term pathways to net-zero emissions by 2050.
The report shows the essential role played by long-term strategies in terms of identifying and planning the deployment of the infrastructure and policy packages necessary to ensure a just transition towards a net-zero emission economy:
- Long-term strategies will help governments anticipate fiscal and financial costs, manage trade-offs, minimise social impacts, and define the sequence of policy reforms and investment priorities required to deliver a carbon-neutral future.
- The design of long-term strategies by 2020 in line with the timeline envisaged in the context of the Paris Agreement can guide the establishment of more ambitious Nationally Determined Contributions (NDCs) and minimise stranded assets and associated costs.
- Long-term strategies are an essential instrument, both to contribute to the redirection of public and private investments, and to guide the dialogue with development institutions seeking to support sustainable and inclusive development.
By reading this report, we hope that decision makers and technicians will gain insights into how to deliver decarbonisation successfully.