Heading to COP 30: NDC 3.0, investments and financing

Background
Nationally Determined Contributions (NDCs) include the national climate commitments established by countries in the framework of the Paris Agreement (PA). They define the mitigation and adaptation actions they will take to achieve the goal of limiting an average global temperature increase to 2°C, with efforts to not exceed 1.5°C, be more resilient to climate change, and ensure sufficient financing to achieve these goals. 
The NDCs are short- and medium-term plans that must be updated every five years with increasingly ambitious targets, depending on each country's capabilities.
The Latin American and Caribbean (LAC) region, with a relatively small contribution to greenhouse gas (GHG) emissions but a high vulnerability to climate change, needs to attach great importance to the goal of not exceeding 1.5 ºC and to adaptation to new climate conditions.
The most recent IPCC report indicates that widespread and rapid changes have occurred in all ecosystems. It tells us that anthropogenic climate change is already impacting through acute and chronic extreme weather events around the world. These impacts generate losses and damages related to nature and people. Vulnerable communities, which historically have contributed the least to current climate change, are disproportionately affected, including those in Latin America and the Caribbean.
Climate change has caused substantial damage, and increasingly irreversible losses, to terrestrial, freshwater, cryospheric, coastal and open ocean ecosystems. Hundreds of local species losses have been driven by increases in the magnitude of heat extremes with mass mortality events reported on land and in the ocean. Impacts on some ecosystems are approaching irreversibility, such as the impacts of hydrological changes resulting from glacial retreat, or changes in some mountain ecosystems driven by thawing permafrost.
In this sense and recalling the importance of the IPCC's own Special Report on 1.5oC, being this region so vulnerable to climate change, we must face the challenge of presenting more ambitious NDCs, in addition to preparing for the inevitable, through plans and measures for adaptation and resilience, contribute to mitigation, with a sense of urgency.
Finance supports the investments that are necessary for the economic transformation required to deal with climate change and biodiversity loss, the latter linked to the need to strengthen the resilience of our ecosystems as a critical instrument for adaptation.
The alignment of financial markets with the objectives of the SDGs and the Paris Agreement are for the benefit of the market agents themselves, financial institutions and their environment, because we constantly have more evidence that the greening of finance is the best strategy for mitigating financial risks and taking advantage of opportunities in times where we are reaching and surpassing planetary boundaries, particularly climate change and biodiversity loss.
The expansion of ambition must be carried out with realism, understanding that the cost of inaction is higher. In this sense, it is timely to set up a space for conversation, exchange and reflection between ministries of finance, planning and environment and actors of the financial and private sector around the challenge of designing, implementing and financing the most ambitious NDC 3.0 in the current economic and fiscal context of Latin America and the Caribbean. 
It is necessary to work together to develop NDCs that take advantage of the opportunities to generate socioeconomic “co-benefits” while mitigating greenhouse gases and adapting to the inevitable effects of climate change.

Objective
Generate a space for dialogue and cooperation towards Belem among representatives of the ministries of environment, planning and finance in order to outline roadmaps towards COP 30 for the financing of the new goals included in the NDCs, with the support of international cooperation, based on their different offers.

Activities
- Presentation of report on NDC and economic plans / investment needs - lessons learned.
- Review of physical risk materialization and transition facts: call for action from the economy.
- Experiences in reviewing new NDCs: countries.
- Experiences in financing new NDCs.
- Experiences of inter-ministerial collaborations: countries.
- Review of available support: cooperation agencies.
- Best practices: countries.
- Scenario modeling and LTS: NDCs as stepping stones.
- Road to Belem: Activation of the NDC community for the next 3/5 months.