The current climate crisis facing the world, although devastating , is presented as a unique opportunity to build a green economy in North America, according to the members of the panel Why the current climate crisis is an opportunity to build a green economy in North America?, gathered at CanCham Day 2024 .
Dolores Barrientos, representative in Mexico and focal point for Guatemala of the United Nations Environment Program , underlined the seriousness of the current climate scenario.
“We have already lost the battle against climate change. “The actions of Canada, the United States and Mexico are leading the world towards an increase in global temperature of between three and four degrees Celsius, far from the objectives of the Paris Agreement that seek to limit warming to 1.5 degrees,” said Barrientos.
He also highlighted the urgent need to reform the region’s economic strategies to address environmental challenges, while taking advantage of opportunities to create a more sustainable future.
Barrientos emphasized that, although the Paris Agreement is a legally binding commitment, progress was slow and transparency in the measurement and verification of commitments has been one of the few concrete advances in the last 10 years.
“If we take into account the current commitments of the almost 200 signatory countries, we would be facing temperature increases of around 3 degrees Celsius,” Barrientos warned.
Despite what they called a “bleak outlook,” the panel explored how this crisis also represents an opportunity for North America.
In this regard, Alejandra Plaschinski, Government Affairs Magna Internacional , highlighted that her company adopted a proactive approach in the transition to a greener economy.
Magna, one of the leading mobility providers in North America, implemented an organizational sustainability model that includes reducing energy intensity by 20% by 2027 and transitioning to 100% renewable electricity in Europe by 2025 and globally by 2030.
For his part, Rafael García, vice president of External Relations at TC Energía , highlighted the crucial role of natural gas in the energy transition.
“It is the fastest way to reduce emissions and satisfy the growing energy demand,” García explained.
He also detailed how natural gas has allowed us to reduce more than 35% of emissions nationwide in Mexico, and how its complementary use with renewable energies is essential to maintain the stability of the electrical grid, especially in regions with extreme climatic conditions such as Canada. .
The panel also addressed the importance of capital mobilization to finance the transition to a sustainable economy. Santiago Salinas, director of Institutional Relations of the Institutional Stock Exchange (BIVA) , mentioned that, in the last five years, more than 600 billion pesos have been financed in sustainable projects through green bonds and other financial instruments.
“Investing in sustainable projects is not only ethical, but also profitable. The BIVA sustainable index had a return of 20% in the last year,” said Salinas.
While the panel acknowledged the monumental challenges posed by the climate crisis, it also made clear that there is a window of opportunity for North America to lead the transition to a green economy.
This transformation, although complex, could position the region as a model of sustainable development, if the right policies are adopted and the necessary resources are mobilized to meet international climate commitments.
At the close of CanCham Day 2024, various companies in the sector were recognized for their trajectory in logistics, energy and economic matters, including TC Energía, Canadian Pacific Kansas City of Mexico (CPKC) , among others.
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