Climate Sustainability

Annual inflation in Colombia rose marginally in September to 6.29%, 5 bps above August. This movement is explained by an acceleration in food prices, especially perishables, and a moderation in the non-food basket, which broke a six-month upward trend.

El Niño generates heterogeneous impacts across South America, affecting Argentina, Colombia, and Peru. Climate change intensifies these extreme events. Given the uncertainty, it is vital to conduct granular analyses and strengthen the capacity to adapt to climate change.

Argentina establishes itself as a key player in the global agricultural market, excelling in the production of soybeans, corn, wheat, and sunflower. The sector is a crucial source of foreign currency, with agricultural complexes projected to contribute 42% of the country's total exports in 2026.

Global climate governance has moved from framework-building to delivery. Despite progress, implementation and ambition remain off track for Paris. COP31 should therefore be judged by whether commitments translate into measurable, financed, accountable and climate-consistent action.

The Recovery Plan has injected significant funds and appears to be having a certain redistributive impact across regions. However, it faces risks of under-execution, and its completion may reduce investment, alongside persistent doubts regarding its impact on productivity.

Peru's economic activity grew 1.8% year-on-year in June, moderating from the previous month. This slowdown was due to the contraction of primary sectors (-7.2%) because of climate anomalies and lower production. In contrast, non-primary sectors, driven by domestic demand, grew by 4.2%.

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