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Argentina's 'Environmental Creditor' Status Unveiled at Global Climate Summit

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BNN Correspondents
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Argentina's 'Environmental Creditor' Status Unveiled at Global Climate Summit

In a transformative move at the Climate Summit in Dubai, Argentina has been recognized as a potential beneficiary of international funds, marking it as an 'environmental creditor'. This term is applied to nations whose vast natural ecosystems and significant contributions to environmental preservation position them as global providers of environmental services. This prospect of accessing these funds comes at a time when Argentina might reap the benefits of a United States law designed to support nations excelling in combating climate change and preserving biodiversity.

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Argentina's Environmental Stature

The outgoing Argentine government, led by President Alberto Fernández and Foreign Minister Santiago Cafiero, who had previously dispatched 114 officials to the COP 26 Climate Change Conference in Glasgow two years ago, sent 14 representatives to the COP 28 that commenced on Friday and will conclude on December 12 in Dubai, the capital of the United Arab Emirates. As the event exceeds the current presidential term, Cecilia Nicolini, Secretary of Climate Change, Sustainable Development, and Innovation, will return earlier.

Panel Discussion Insights

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Lombardi organized and moderated a panel on actions through which Argentina and other Global South countries can assert their status as environmental creditors. José Luis Manzano of Integra Capital discussed carbon and biodiversity markets, Argentina's potential to raise money through this route, and the significant opportunity for Argentina if the US includes it in its incentives for lithium provision and other critical minerals of the energy transition.

International Concerns and Responses

Furthermore, the Vatican's concern for affected communities and the need for dialogue and resolution of environmental problems got mentioned. Arnoldo André Tinoco, Costa Rica's foreign minister, noted that climate financing is a serious issue for middle-income countries, which are too wealthy to benefit from most programs aimed at this purpose and too poor to bear the costs of adaptation and energy transformation required to manage the consequences of climate change. He also suggested better development of so-called green certificate markets to derive financial sustainability and collaborate with the private sector.

This event marked a significant step towards recognizing Argentina's environmental efforts on an international platform and serves as an incentive for the country to continue its conservation initiatives. The discussions and insights shared also shed light on the intricate dynamics of climate change, its economic implications, and the critical role of international cooperation in addressing these challenges.

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