Saturday, 11 June 2022 15:35

"Latin America has a unique opportunity to take advantage of this green transition" - Ernesto Torres Cantú

Written by Evelyn Alas

Citi's CEO in Latin America, Ernesto Torres Cantú, in his participation in the CEO Summit of the Americas, organized by the State Department in conjunction with the U.S. Chamber of Commerce, highlighted the key points for Latin America's progress.

Speaking at the Climate Action Roundtable, the executive said that "as a region we must seize this historic opportunity to build greater resilience, address climate change, reduce social and economic inequality, and make the region more globally competitive by investing in education, health, infrastructure and green technology".

To do this, he proposed, four pillars are required:

  • The implementation of transparent and easy-to-understand green taxonomies with specific targets that provide an opportunity for the issuance of green, social and sustainable sovereign bonds to mobilize capital to address climate transitions and develop priorities.
  • Adoption of green technologies to become more globally competitive, promote more renewable energy and greater electricity efficiency.
  • Investment in infrastructure and sustainable transportation are key to the region's global competitiveness and long-term economic growth.
  • Promoting financing policies that promote greater gender equality and help reduce the acute socioeconomic inequalities we see in Latin America.

"Despite these challenges, Latin America has a unique opportunity to take advantage of this green transition if its governments can work to help catalyze private sector investment", he said.