Cities around the world will need access to climate finance to turn their sustainability goals into reality, the Global Covenant of Mayors for Climate & Energy (GCoM) and the C40 Cities Climate Leadership Group have said.
At the recent International Conference on Financing for Development (FfD4) in Seville, cities and subnational governments stepped up their call for direct access to climate finance, in order to unlock funding for local projects, particularly in the Global South.
‘Ambition and vision’
“Cities have the ambition and vision to lead on climate action – but turning that vision into reality requires investable, well-prepared projects,” commented Johanna Granados, global head of the GCoM-Gap Fund and senior advisor for city resilience and climate finance.
“Bold initiatives linked with early-stage support can unlock transformative urban investments, particularly in the Global South. This conference was a vital milestone in making the case for project preparation and pipeline development as a cornerstone of financing for development. Without it, climate goals remain out of reach; with it, cities are ready to deliver.”
Among the topics discussed at the conference were ways to accelerate sustainable urban development through local action and global partnerships; a roadmap for action in cities in the Global South, and an expert roundtable on local financing for the UN Sustainable Development Goals.
Significant underinvestment
As was discussed at the conference, cities are home to more than half of the world’s population and are responsible for 70% of CO₂ emissions, making them essential to meeting global climate targets. However, at the same time, they face significant underinvestment – subnational public investment accounts for just 1.5% of global GDP.
“Urban leaders from all around the world are committed and delivering against the climate crisis,” added Luis Sáenz, head of finance and policy advocacy, C40 and GCoM.
“But they cannot do so with their hands tied. Cities urgently need enabling policies that unlock and mobilise funding and finance for local climate action, and also a seat at the decision-making table. This conference was a key moment in pushing that agenda forward and calling on global finance institutions and national governments to meet the urgency of this moment with bold, city-focused action.” Read more here.
