Argentina, July 2025. During the International Climate Conference “Latin American Commitment” (CCI25), held in Córdoba from July 1st to 3rd, climate finance emerged as one of the central themes of the debate. In a world facing increasingly critical environmental emergencies, it became clear that climate action needs real, sustainable, and strategically oriented resources from and for the territories.

In the plenary session led by Rodrigo Perpétuo, executive secretary of ICLEI South America, an uncomfortable truth emerged: of the $830 billion mobilized globally, only $111 billion was allocated to adaptation, and an even smaller fraction reached subnational governments in the Global South. Faced with this scenario, he made a clear call: more agility in accessing funds, a social and gender focus, and a financial architecture that addresses the real challenges of cities and provinces.

The conversation was enriched by contributions from key figures in the regional financial and climate ecosystem. From CAF, Ignacio Lorenzo highlighted the need for immediate action in a scenario of "imminent reality" and CAF's role as "Latin America's green bank," which doubled its green investment in four years, achieving targets ahead of schedule. In turn, Lorena Chara, from AFD, emphasized the institutional shift towards climate acceleration, with tools that prioritize social and climate impact, and experiences like that of Santa Fe that demonstrate the viability of financing without sovereign guarantees.

Florencia Costantino, drawing on the experience of the Córdoba Investment and Financing Agency, presented an innovative framework for financing linked to sustainability. This model allows for the association of public policy performance (such as emissions reduction or the use of clean energy) with capital market instruments, generating traceability and attractive conditions for institutional investors. This is a concrete experience that could be replicated in other jurisdictions.

Financing, however, is not just a matter of available supply, but also of well-formulated demand. This was pointed out by Adrián Cosentino of Orson Capital, who highlighted that Argentina has a capital market infrastructure capable of absorbing sustainable investments, but that there is often a lack of coordination between public and private actors to build viable projects. Martín Soto of YINYANG Consulting elaborated on this idea, stating that the key lies in the technical formulation: having resources does not guarantee access if there are no projects with clear governance, a defined timeframe, and the capacity to generate impact. His reflection pointed to the need to think about integrating programs that articulate areas of government and involve the private sector.

In closing, Dan Ioschpe, Climate High-Level Champion At COP30, he was emphatic in stating that financing is not just a component of the climate agenda, but its true enabler. He advocated for equating the importance of adaptation with mitigation, the use of instruments such as green bonds and jurisdictional credits, and moving beyond rhetoric in favor of concrete actions.

The discussion continued in the thematic session. Financial Tools for Productive Transformation, The event, co-organized by ICLEI Argentina and YINYANG Consulting, addressed the challenges of channeling innovative financing to circular economy, green infrastructure, and energy transition projects from a predominantly territorial perspective. Participants included multilateral organizations, development banks, credit rating agencies, and provincial representatives in a debate that valued concrete experiences and new opportunities for multi-sectoral collaboration.

Also participating in the conversation were: Gonzalo Saglione, Executive Director of the Economic Cooperation and External Financing Agency of the Province of Santa Fe; Evelyn Botasso, Head of Projects at the Córdoba Investment and Financing Agency; Sebastian Tortorice, Representative in Argentina of the Central American Bank for Economic Integration (BCIE); Martín Soto, Partner at YINYANG Consulting; David Tauss, Head of Projects at AFD; Eliana Gomez Barreca, Associate Director and Credit Analyst – Financial Institutions at Moody's Local; Osvaldo Levis, Commercial Manager at Bancor; Carolina Vera Moreira, Regional Coordinator of COP30 at FONPLATA; and Dolores Almeida Sanchez, from GIZ.

The session was moderated by Brenda Pietraccone, partner at YINYANG Consulting, and Belén Alejandra Schiaffi, project management specialist at the same consulting firm.

The message from the CCI25 was clear: without a robust climate finance strategy geared towards the subnational level, the just transition will be incomplete. Local governments are not passive beneficiaries, but rather strategic actors capable of leading climate action from the ground up. But to do so, they need tools, capacity building, autonomy, and real access to resources.

From ICLEI, we reaffirm our commitment to continue promoting a fair, accessible, and effective climate finance agenda for Latin America, built on local experiences and with a strategic vision towards COP30.

You can watch the plenary session at this link: https://conferenciaclimatica.cba.gov.ar/dia-2-es/