CitiSignals

Top urban news, trends and reports curated for the world’s city leaders. Edited by David Hatch

Climate-resilient cities require global financing effort, report says

(spectrumblue/Shutterstock.com)

Cities across the planet — including impoverished urban areas throughout the Global South — would have to invest a whopping US$57 trillion to become resilient to climate change. To accomplish the goal, a global effort is required to boost “large-scale capital” to finance climate action in cities, a new report says.

Siemens, the C40 Cities Climate Leadership Group and Citi released the report earlier this month at the World Cities Summit 2016 in Singapore.

Among the recommended financing options are green bonds that support environmentally friendly projects, and emissions-trading schemes that rely on market-based economic incentives to curb pollution. The report also urges national governments to take steps to promote public-private collaborations that can facilitate climate finance.

International financial institutions and international and regional climate funds, such as the UN’s Green Climate Fund, are cited as potential financiers. City leaders also are encouraged to tap municipal-government supported funds and equity capital. Learn more about sustainable financing options here. 

See Citiscope’s explainer: What are ‘green bonds’ and why are cities so excited about them?

Source: 
C40 Cities Climate Leadership Group

More from Citiscope

Latest Commentary