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November 10, 2022
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Arbeleche advocated that more countries replicate the bond experience indexed to climate change indicators

Arbeleche advocated that more countries replicate the bond experience indexed to climate change indicators

The Minister of Economy and Finance, Azucena Arbeleche, held a meeting with the Operations Manager of the World Bank, Axel van Trotsenburg, called “Innovations for climate action: the Uruguayan agreement that marked a milestone”. The dialogue took place in the framework of the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27), held in Sharm el Sheikh, Egypt.

On the occasion, the Secretary of State highlighted Uruguay’s position in the international context in terms of greenhouse gas emissions and that in the last 30 years this variable has significantly decreased.

In addition, he highlighted that at this time the world discusses sustainable finances and caring for the environment as a priority.

Regarding the Government’s attitude on this issue, Arbeleche stated that progress is being made to reinforce electric mobility and the preservation of native forests. Likewise, he valued that agriculture in Uruguay does not imply deforestation, as it happens in many countries.

Asked about the impact of Uruguay’s presentation at the last edition of the conference, COP26, held in Scotland in 2021, where the link between the world economy and environmental sustainability was addressed, the hierarch considered that the world should talk about this matter and asserted that there were many interministerial dialogues on the matter.

This journey, initiated in Glasgow, made it possible for the country to receive interest from investors in a bond indexed to climate change indicators for 1,500 million dollars, in the past month of October, Arbeleche said. In this framework, he also celebrated the will of those who invested in a policy of these characteristics, which shows that they care about preserving the environment and biodiversity in the world.

He also stated that Uruguay’s goals in terms of environmental care, for the country and the world, are ambitious and that offering financial incentives if environmental goals are met is a good example of this. Regarding this project, he stated that he hopes that other countries and multilateral organizations replicate this policy.

At the end, the minister advocated a change in global mentality in these matters, to generate sustainable development in more and more nations.

Azucena Arbeleche attended COP27 accompanied by the director of the Debt Management Unit, Herman Kamil, and the adviser in Environmental Economics, Marcelo Caffera.

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