Did you know that development and decarbonization can go hand in hand? Adopting the path towards carbon neutrality can bring significant benefits to our region.
These are the main findings of the study “Costs and benefits of achieving carbon neutrality in Latin America and the Caribbean,” which examines various options the region can implement to achieve net zero emissions while generating social, economic, and environmental benefits. These benefits could reach 2.7 trillion dollars, assuming the implementation of a strategy with all available decarbonization options.
We know that each country is different and requires unique strategies tailored to its particularities. However, after evaluating thousands of possible scenarios, the study found three key strategies that can lead the region to net zero emissions while contributing to economic prosperity and people’s well-being. In this blog, we present these to you:
1. Addressing Deforestation: Turning Forests into Carbon Sinks and Moving towards Healthier and More Sustainable Diets
Halting deforestation and reviewing land use is essential to move towards carbon neutrality. Agriculture, forests, and land use are closely related in Latin America and the Caribbean and contribute to nearly 50% of greenhouse gas emissions. This means that if we continue on the path of traditional development, deforesting our forests, expanding unsustainable crops, and acquiring land for livestock, we will continue to increase the emission of millions of tons of CO2 through livestock biological processes and tree felling. Instead of falling and emitting CO2, trees should become the carbon sink that the region needs to offset residual emissions.
How can we change this? By adopting the necessary measures proposed by the study! For example, reducing excessive fertilizer use, expanding conservation agriculture, better managing manure, or inducing reforestation with a change in agricultural production and consumption. Thus, we will reduce emissions from agriculture, forests, and land use by 2050. Why? Actions that halt deforestation would be combined with changes in agricultural patterns over time, freeing up land for increased cultivation of secondary forests – more carbon sinks – and bringing net benefits to the region’s economies regarding health, household savings, and ecosystem services. All these benefits amount to nearly $940 billion, far exceeding the costs required to implement this transition.
2. Electrifying Transportation: Towards Sustainable Mobility
The transportation sector accounts for a significant portion of regional emissions. If we adopted all the measures suggested in the study, transport emissions could be reduced by up to 85%. Transforming how we travel towards more sustainable practices such as using electric vehicles, public transportation, walking, or cycling would reduce emissions and yield significant benefits in terms of savings on air pollution costs (which affect health), fuel costs, and traffic accidents.
Some of the measures that governments in the region can take include increasing transportation energy efficiency, switching from fuel to electrification, increasing private vehicle occupancy, or changing modes of transportation. These transformations would bring a net benefit of over $1.2 trillion, thus surpassing the $95 billion it would cost to implement such transformations.
3. Promoting Renewable Energies: A Transition towards a Clean Future
Decarbonizing the energy sector is also key to taking a step towards a sustainable future, as it contributes to reducing emissions from other sectors, thus increasing the benefits of the transition. If all the zero-emission transition measures proposed in the study were taken, the benefits would amount to $500 billion. The proposed transformations focus on the transition towards electricity generation from renewable sources, be it solar, wind, or geothermal, and the production of green hydrogen through electrolysis.
At the same time, other sectors are gradually shifting from using fossil fuels to electricity and hydrogen, so the demand for production will also increase. This will require investment in expanding renewable energy capacity, which contributes to ensuring a secure and sustainable energy supply for the region. Fuel savings and benefits from other sectors, such as transportation, would cover this investment.
These three actions must be accompanied by comprehensive strategies by the region’s governments and the implementation of other potentially more modest changes across the economy, such as energy efficiency in buildings, switching to heat pumps, and more efficient use of materials, among other elements. Transforming our economies towards carbon neutrality does not mean slowing down sustainable development. Instead, it brings significant advantages and benefits, allowing Latin America and the Caribbean to unleash their full potential to become a productive, prosperous, and carbon-free region.
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