MercoPress. South Atlantic News Agency

Uruguayan Economy minister highlights the importance of climate actions

There will come a time when international trade will penalize countries that do not sustainably produce their goods and services, Arbeleche warned

During her appearance in Washington DC at the Center for Global Development (CGD), Uruguay's Economy Minister Azucena Arbeleche Thursday highlighted the importance of inclusive and sustainable growth.

Arbeleche took part in the “Multilateral Development Banks for a Global Future: The Perspective of Emerging Market Leaders” panel and in a meeting of the Coalition of Finance Ministers for Climate Action.

The South American official underscored the importance of investing in global public goods, particularly in climate, an issue with a long tradition in the country and on which the current government has been actively working, she explained.

The minister invoked Uruguay's conviction that inclusive and sustainable economic growth were key points to fighting poverty and inequality while honoring the environmental commitment with future generations. She also pointed out that addressing climate change was essential to preserve growth, investment, and employment since there will come a time when international trade will penalize countries that do not produce their goods and services in a sustainable manner.

Arbeleche, who is in Washington DC to participate in the 2022 Annual Meetings of the World Bank (WB) and the International Monetary Fund (IMF), stated that investing in climate implies two challenges. She also pointed out that such an initiative has both local costs and global benefits and, hence, it must be subsidized.

The Uruguayan minister also explained that meeting climate needs generates tension with the country's other needs, such as food prices and infrastructure, among others.

The Coalition of Finance Ministers for Climate Action is an international group that supports a fiscal policy regarding the management of public finances to promote domestic and global action on climate change.