State of Cities Climate Finance

Cities and urban systems must be at the forefront of climate action. 70% of cities around the world are already experiencing the effects of climate change. Further, cities are accountable for 70% of global CO2 emissions from energy use, use 75% of all the natural resources, and produce 50% of all waste. Without rapid action, this concentration of emissions will increase as approximately 2.5-3 billion people are expected to move from rural to urban areas by 2050. However, despite the critical role cities play in ensuring that our climate goals are met, many city governments face significant challenges in unlocking the finance required to address the investment gap. These challenges are not only financial but also institutional and political, particularly in emerging economies.