The year 2014 made headlines: it was the first in decades that saw worldwide economic growth and a reduction of energy-related GHG emissions (which make up 72% of worldwide GHGs). Similarly, Latin America and the Caribbean effectively reduced the emissions intensity of its economy, from 776 metric tons of CO2-equivalent GHGs per US$1 million GDP in 2000 to 607 metric tons in 2012, with decreases in the energy sector and agriculture, forestry and other land-use sector which combined make up nearly 90% of the Region’s emissions. If continued, this “decoupling” of economic growth from GHG emissions would signal a transformation of growth patterns and make feasible a global climate stabilization strategy. The Region has also improved its planning and investment capacity to align with the low-emissions and climate-derisking development pathways which are now signaled by the Paris Agreement on Climate Change. Such increased capacity is due to a better understanding of current and anticipated climate change impacts, clearer policy and investment options, and stronger leadership and coordination among key public and private sector actors.
More than 100 projects in 22 countries contributed to this sector priority during the 2012-2015 CRF period. Out of the six CRF Output indicators corresponding to this priority, targets were met for three (see Figure B.5). However, progress fell short for Indicators 3.5.1, 3.5.2, and 3.5.6, for which 91 percent, 38 percent, and 63 percent of the target was met respectively. The target for indicator 3.5.2 was not met due, in large part, to the long timeframe needed to complete public transport projects, and thus count specific beneficiaries (see Box 2.1). Story 2.11 illustrates the dimension of this type of project, featuring the expansion of São Paulo’s metro system. This project contributed to Indicator 3.5.2 by providing access to a low carbon transportation system to nearly 200 million people in 2015. In the case of indicator 3.5.6 (“farmers given access to improved agricultural services and investments”), a few large projects experienced longer than expected loan preparation periods and delays to begin execution. Story 2.12 is based on a project that illustrates Indicator 3.5.3. The story reflects the benefits of a policy reform in Peru that developed the country’s capacity to adapt to climate change and mitigate its effects. Story 2.13 portrays the benefits of a project that recovered the São Domingos River in Brazil and improved the quality of life of the inhabitants of Catanduva.