Climate-resilient cities require global financing effort, report says
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.
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.