Around 60 mayors and other city leaders, including representatives from the Global Covenant of Mayors for Climate and Energy (GCoM) and the network C40 Citiesrequested US$800 billion for climate action, in annual public investments from national governments and development financing institutions until 2030. The request took place this Saturday (16), at Urban20 (U20) Summitthe G20 urban forum.
“This investment is essential to implement and expand municipal-level climate projects around the world, promoting healthier, more sustainable and dynamic urban environments,” the network said. C40 Cities and the GCoMin note.
The call comes as global leaders meet at the G20 and COP29, where they discuss resources for climate action on adaptation, mitigation, loss and damage.
Urban solutions
For leaders, investing in urban solutions such as low-emission transportation, clean energy and climate-resilient infrastructure not only promises significant emissions reductions, but can create millions of jobs and boost economic growth. They estimate that with targeted financing, cities can become engines of green growth, unlocking $23.9 trillion in returns by 2050, as well as transforming sectors such as transportation, housing and energy and driving economic development and innovation.
“By financing urban climate solutions and supporting city-led initiatives that prioritize the most vulnerable, national governments and banks can drive inclusive economic growth, which includes strengthening public health and improving the quality of urban life for all residents” , the entities pointed out. Furthermore, they assessed that supporting vulnerable communities is a key priority for a just transition.
According to Gregor Robertson, Global Ambassador for GCoMcountries can almost double their climate ambitions by including urban climate plans in their national strategies. He assesses that investing in the sustainability of cities means a more resilient, healthy and sustainable future for everyone.
“Reach the target of US$800 billion with public funds [permitirá] unlock private sector investment, creating jobs and reducing climate tragedies in cities. This financial commitment will catalyze public-private partnerships that are essential for building sustainable cities and protecting communities that need it most”, he concluded.
