ECLAC, COSEFIN and C3A promote collaboration strategies to address climate change at a regional workshop on climate models

The “Workshop on the use of the ClimRisk model in COSEFIN countries”, co-organized by the Council of Ministers of Finance of Central America, Panama and the Dominican Republic (COSEFIN), the Economic Commission for Latin America and the Caribbean (ECLAC) and the Coalition for Climate Action Capacity (C3A), took place from 16 to 18 July 2024 and brought together experts and finance officials from the region to discuss the importance and implementation of macroeconomic models that allow the design of effective climate mitigation and adaptation policies to the effects of climate change.

During the workshop, various analytical tools were presented, including the ClimRisk climate model and the FSMAT macroeconomic-fiscal model.

Experts from UNAM and the Coalition for Climate Action Capacity (C3A) highlighted the importance of integrating these models into the fiscal and economic planning of the region given their characteristics such as climate vulnerability and reduced fiscal space.

In addition, steps were discussed to formalize the collaboration between COSEFIN, ECLAC and C3A, which will facilitate training workshops and technical assistance in the use of models such as ClimRisk and FSMAT. This alliance seeks to strengthen the capacity of governments to face climate challenges and promote resilience and sustainability in Central America. Participants expressed their interest in continuing these initiatives, recognizing the urgency of acting in response to the effects of climate change.

This workshop represents a significant step forward in regional collaboration against climate change, providing COSEFIN countries with tools to assess and mitigate its economic impacts. The formalization of the link between COSEFIN, ECLAC and the Coalition for Climate Action Capacity (C3A) will strengthen climate resilience in the region, better preparing Central American nations for future challenges. With a focus on training and the exchange of experiences, these initiatives are expected to benefit governments and improve the well-being of the communities most vulnerable to climate change.