The CELAC-EU Summit highlights the importance of climate change, trade, and investment

The third summit of the Community of Latin American and Caribbean States (CELAC) and the European Union (EU) was held in Brussels on July 17-18, 2023. Leaders from the 60 participating countries met to discuss various topics, including trade, investment, a

The climate crisis was a key matter of discussion at the last EU-CELAC summit. Leaders from the European bloc and the Latin American and Caribbean community called for urgent action to protect the planet. They also recognized the vulnerability of developing island states, the Caribbean, and other territories to extreme weather events and named Sargasso a problem to be combated in Caribbean nations.

In their joint declaration, the EU and CELAC pledged to "rapidly mobilize US$100 billion per year to finance the fight against climate change in support of developing countries, and to double funding for climate change adaptation by 2025."

Similarly, they remarked on their support for "the decisions taken at COP26 and COP27, in particular the collective reaffirmation to continue our efforts to keep the 1.5°C target within reach."

In terms of investment, participants recognized "the potential contribution of the EU-LAC Global Gateway investment agenda, which will address investment gaps in line with common EU-LAC priorities, to mobilize both public finance and private capital in favor of sustainable development." Its plan includes digital transformation, education, health infrastructure, energy production, environmental perspectives, raw materials, and local value chains.

Among the targets to meet the UN Sustainable Development Goals (SDGs), they highlighted "greater integration in clean energy supply chains, including critical raw materials and technology transfer."

Another relevant aspect is linked to trade. The countries called for strengthening regional ties and valued the signing of EU-Chile and EU-Mexico agreements, as well as the progress of work between the EU and Mercosur.

Additionally, the parties underlined the "commitment to boost the bi-regional partnership on the local manufacturing of vaccines, medicines, and other health technologies and to strengthen the resilience of health systems."

On the political front, the joint declaration mentions the concern over the humanitarian and security situation in Haiti, supports the peace process in Colombia, and encourages Venezuela-led negotiations in Mexico City. The countries also reiterated their rejection of Russia’s war in Ukraine.