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Perspectives from Latin America and the Caribbean

This report analyses the role of fiscal policy in addressing the triple planetary crisis and growing inequalities. Considering that this decade represents the last opportunity to guide economies towards environmentally safe and socially just limits, change cannot wait. It is imperative to carry out a socio-ecological transition that reconciles social and economic well-being with environmental protection.

The triple planetary crisis requires immediate action by States. At the same time, this crisis also represents an opportunity for Latin America and the Caribbean (LAC) to position itself as a leading region in the global socio-ecological transition. LAC has the resources and potential to address climate change with renewable energy and restore vital ecosystems. Structural changes and a reconciliation between social, economic and environmental well-being are required to confront the crisis.

This report proposes a package of fiscal measures to make those actors historically responsible for the crisis finance the ecological transition. It is time for those most responsible for historic emissions – developed countries, large corporations and economic elites – to contribute financially to the transition and support more vulnerable countries. For this, LAC must lead green and progressive fiscal reforms at the domestic and regional levels. Taxing the ultra-rich and their luxury consumption and investments would reduce their environmental footprint, generate funds for climate adaptation, and support the most vulnerable.

The report and its executive summary are both available here:

Full Report

Executive Summary