The social and economic effects of the COVID-19 pandemic and the measures to contain it in Latin America could lead to a series of long run consequences that could impact the region’s achievement of the Sustainable Development Goals (SDG). This article is the result of the collaboration of environmental economists from eight of the region’s countries and it discusses the possible pandemic effects on air pollution, deforestation, and other relevant environmental aspects related to the SDG. In addition to reviewing some of the initial effects of the sanitary crisis on the environment, we discuss its potential effects in terms of environmental regulations and public policy interventions. Finally, we discuss a new research agenda with topics derived from the pandemic as well as topics that have recently become more relevant because of it, including its impact on achieving the SDG.