Side Event COP27: Circularity Gap Report for Latin America and the Caribbean: Establishing a regional baseline for a Circular Economy

Published on Monday, 21 November 2022

During the United Nations Climate Conference (COP27) held in Egypt, the side event entitled: "Circularity Gap Report for Latin America and the Caribbean," presented by the Circular Economy Coalition in Latin America and the Caribbean, was held on 11 November 2022. The Circularity Gap Report LAC will establish a circular economy baseline for the LAC region and provide an understanding of the critical sectors, materials, and strategies we should prioritize to achieve a circular economy.

The event included the report's presentation and methodology and a panel comprised of the following participants: Graham Watkins, Head of Climate Change and Sustainability Division, IDB. Gabriel Labbate, Head of Global UN-REDD Team and Head of Climate Mitigation Unit, UNEP. Hatty Cooper, Director Government & Institutions, Circle Economy. Matthew Fraser, Head of Research and Development, Circle Economy. Hilen G Meirovich, Head on Climate Change, IDB Invest, José Miguel Benavente, Executive Vice President, CORFO Chile, Luca Meini, Head of Sustainability Initiatives and Circular Economy, ENEL Group. Jimy Ferrer, Economic Affairs Officer, ECLAC Climate Change Unit, moderated the event.

The Circularity Gap Report LAC will compare the region and be the first to compile data on Circular Economy in LAC. The vision consultation process raised the need to establish a common baseline and measure progress toward a circular economy in the region.

ECLAC, IDB, IDB Invest, and UNEP joined forces to develop the first Circularity Gap Report in Latin America with the support of Circle Economy. This effort will serve not only to establish a baseline but also to:

- Enable national stakeholders in Latin American countries to better understand the critical sectors, materials, and types of strategies we should prioritize to achieve a circular economy.

- establish a valuable benchmark for measuring relative performance among countries in the Latin American region and with the rest of the world

- Gain more information on interregional trade, industrial specialization, potentials for coordinated resource management, and economic resilience.

- Identify the impact of the transition to a circular economy on job creation and reduction of GHG emissions.

The panel's conclusions noted that metrics are critical to guide and evaluate progress toward the circular economy.

In addition, it plays a truly relevant role in the financial analysis of new projects, programs, and initiatives. Finally, from the private sector, metrics, even at the level of the productive unit, can generate relevant information that improves the business's competitiveness.

The countries of Latin America and the Caribbean have high commitment and potential. This initiative and actors such as UNEP, ECLAC, and IDB are essential in providing a common framework to accelerate the region's transition to circularity.

This event was co-organized by the Inter-American Development Bank (IDB), IDB Invest, the United Nations Environment Programme (UNEP) and the Economic Commission for Latin America and the Caribbean (ECLAC), Strategic Partners of the Circular Economy Coalition for Latin America and the Caribbean.

For those interested in watching the recording of the event, you can find the video and more information under the following link: