On December 9, 2024, the series of workshops organized by the Economic Commission for Latin America and the Caribbean (ECLAC) and the Executive Secretariat of the Central American Monetary Council (SECMCA) concluded, with the support of the Euroclima program of the European Union, for the construction of the first climate damage function for the countries of Central America, Panama and the Dominican Republic (CAPARD).
These workshops, aimed at representatives of the Central American Monetary Council, were part of the work plan of the ad-hoc group for analysis of macroeconomic risks associated with climate change and natural disasters.
The activity was attended by delegates from the central banks of Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, the Dominican Republic and the Superintendency of Banks of Panama. On behalf of the SECMCA, Odalis F. Marte, Executive Secretary, and economists Penélope Caraballo, Juan Quiñónez and Luis Ortiz were present. For ECLAC, José Eduardo Alatorre and Lucía Rezza led the sessions.
The cycle, developed in four virtual meetings between October 7 and December 9, 2024, addressed everything from the review of literature on empirical functions of climate damage and analysis of time series of climatic and economic variables, to the estimation of a function of regional climate damage and the design of a tool that allows evaluating the impacts of climate change on economic growth under different global warming scenarios.
With this tool, participants acquired skills to quantify and analyze the effects of climate change on their national economies, establishing a technical framework that will contribute to the design of public policies and adaptation strategies.
During 2025, ECLAC and SECMCA will continue to collaborate in the development of training, analytical tools and working documents, with the aim of strengthening institutional capacities in the region to manage climate and economic risks.
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