The Minister of Economy and Finance, Azucena Arbeleche, highlighted in an environmental economics workshop that the issuance of the sovereign bond indexed to sustainability indicators is an innovative instrument for climate finance implemented by the Government, accompanied by measures related to forest conservation native. She also noted that the transition to a low carbon economy is encouraged.
Arbeleche spoke at the Environmental Economics Workshop, organized by the Research Institute for Development, Growth and the Economy, with the support of the Inter-American Development Bank (IDB), held at the Hyatt Centric hotel in Montevideo. On the occasion, he reviewed the role of the Ministry of Economy and Finance in climate policy.
In this sense, he highlighted the need to include environmental issues in economic policy and recalled that in this administration several ministries work together to preserve natural resources.
As an example, the hierarch mentioned that article 533 of the Budget Law establishes the intention of the Executive Power to incorporate the national objectives of adaptation and mitigation of climate change in the analysis and conception of economic policy, as well as the planning of the Public finances.
He also referred to the sovereign bond indexed to sustainability indicators, an innovative instrument for climate finance, a measure that was accompanied by others linked to environmental care, such as the incentive for the conservation of native forests, which was incorporated into the Law for the Surrender of accounts.
In addition, he pointed out that Uruguay actively participates in the Coalition of Finance Ministers for Climate Action of the World Bank and the International Monetary Fund and in the IDB’s Platform for Dialogue of Finance Ministers for Climate.
After speaking at the workshop, the minister held a meeting with the environmental economist Thomas Sterner, professor at the University of Gothenburg and director of the Carbon Pricing for Development Initiative, in which they discussed different issues related to environmental issues, such as strategies feasible to encourage the transition to a low carbon economy. Presidency
