ECLAC: Where’s the development?

Kaki Grishma Alekya | The Economist

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The Development of Renewable Energy is undeniably rapid, even now. Many

multinational corporations aim to switch from fossil fuels, oil, etc., to renewable

energy. Yet countries in Latin America and the Caribbean have little to no access

to this technology.

This concern was recognised in 1948 by the United Nations. Therefore, a new

council was set up to fix the issue, called the Economic Commission for Latin

America and the Caribbean. Its goal was for governments to work together to enhance the living standards and to strengthen trade relations between member states and the world.

According to the Organisation, ECLAC carries out "thorough and rigorous research on the economy and on the environmental and social development” and “technical cooperation and assistance in response needs to be identified by the governments.”

Today, the Economist has witnessed their Council Session in Temasek Polytechnic,

Singapore. Seeing all the delegates of various countries consistently talk about the same two tactics made us wonder whether there is a difference at first glance. But believe me when I say that there is a difference between all of them.

The first initiative that was mentioned was Green-P. It was founded by Germany

and Uruguay. It basically stands for:

G - Governance

R - Resilience

E - Energy

E - Efficiency

N - Networks

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P - Public-private partnerships

Since Sustainability is broad, there are two core pillars. The first pillar is social

sustainability. It can be worked through projects such as the Energy Transition

Project (JETP) and the International Climate Initiative (ICI). The second core value

is economic sustainability. It can be shown through Public-Private Partnerships

(PPP) and Infra projects in support of a shared 2030 Agenda for Sustainable

Development.

Their aims are to pursue LT sustainability goals, which are in line with 2030

Agenda and UN SDGs, inclusivity in Just Energy Transition Programmes in JETP

during their annual forums and making sure all voices are heard. They also wish

to address SOD, such as building transparency and accountability, stable economic and political environments, research and development and equity.

Annual Forums will take place for all countries accepting this proposition. They

include yearly progress reports, peer review assessments facilitated by OLACEF

and the rotation of chairs to ensure representation of all states.

Another manoeuvre that is working against the issue is the LUMINA association.

It stands for the Latin American Unity for Mobilisation, Investment, Infrastructure

and Accountability. It is a regional fund that is donating money to ECLAC

countries. Donors are the U.S., Canada, and Spain. They contribute directly to

funds or indirectly through the Inter American Development Bank (IDB) or the

Caribbean Development Bank (CDB).

Funds are distributed by a tiered contribution system for ECLAC countries, which

is based on the country’s Gross Domestic Product (GDP). The higher the GDP, the

more funds are given. There are also International Climate funds that countries are able to receive.

Funds are also allocated to project proposals or the needs of the country. They are

used to subsidise private investments, cover either training or red costs, and finance grid updates.

They have served several initiatives under their three pillars: Mobilisation,

Infrastructure/Investment, and Accountability for the governments. It also aims to achieve energy diversification, create regional training hubs and advance research and development.

The number of plans dedicated to this issue tells us that the delegates are interested in developing their countries. Moreover, the solutions and initiatives that the delegations of different countries have worked on are clearly well thought out and effective.

As time passes by, economies will rapidly change. Some decrease, some increase.

It is up to the delegations of the countries to decide whether to stick together and

help each other grow, or secretly use this organisation against each other. Whatever happens next is a matter for another time.