City Resilience Program’s Post

Cities are the frontline of the climate fight, and the World Bank is accelerating urban climate finance to drive sustainable transformation. The time to act is now. 🌍💡 #ClimateAction #UrbanInnovation #SustainableFuture”

Cities play a pivotal role in addressing climate change, both in mitigation and adaptation efforts. Recognizing this, the World Bank has significantly stepped up our commitment to urban climate finance. Between fiscal years 2019 and 2022 we allocated $17.9 billion to support climate initiatives in cities and urban systems. Nearly half of these funds were directed toward climate adaptation, highlighting the emphasis on building resilience in urban environments. Notably, the average annual urban climate finance from the World Bank increased by 30% compared to the previous reporting period. At #COP29, we are strengthening partnerships and expanding collaboration with multilateral development banks (MDBs), city networks, the private sector, and philanthropic organizations to further accelerate urban climate finance initiatives. Read more about our efforts in our latest blog: http://wrld.bg/BfRx50Ub7Ox

Today at #COP29 the discussions were on Urbanization and Climate Change. Ming Zhang and Sandrine Boukerche from the World Bank released a blog reviewing where we stand on urban climate finance. Also, they note that development finance institutions are already the largest source of public funds for urban climate finance, having contributed over 30% of overall public urban climate finance in 2021-2022. 🌆 And at COP29 today, Multilateral Development Banks #MDBs came together with the #COP29 Presidency and #UNHabitat to hold a high-level urban climate finance roundtable to collectively reiterate our commitment to accelerating urban climate finance even further. However, we also noted that even combined, the MDBs cannot fully close the urban climate finance gap. 📈 🌉 Bridging this gap will require broader cooperation and partnerships among diverse groups with resources and expertise who were present today. 🤝 Collaboration between MDBs, national and local governments, UN agencies, city networks like #C40 and the Global Covenant of Mayors #GCoM, private sector actors, philanthropy, and climate finance facilities will be critical. Together, we are pushing for more urban climate finance to build more livable cities for a livable planet.

🌍 #Cities are home to over half the world’s population, a number set to rise to 7 out of 10 by 2050. As urban areas expand, so does the need for climate finance—and the funding gap follows this rising trend. To meet the global climate goals and stay on track for a 1.5°C pathway, urban climate finance must increase by a staggering fivefold. The 2024 State of Cities Climate Finance report reveals that cities received USD 831 billion in climate finance in 2021/2022—an impressive figure, yet still far short of the USD 4.3 trillion needed annually for mitigation alone. This presents a huge investment opportunity, but we must act now. 📊 Explore the report to see how we can bridge the finance gap and build a resilient, low-carbon future: https://lnkd.in/g8xvB6hZ #climateaction #urbanclimatefinance #COP29 #sustainablecities #netzero  

🏙 The 2024 State of Cities Climate Finance report shows that cities secured USD 83 billion in climate finance. While this is a significant amount, it remains well below the USD 4.3 trillion required for mitigation efforts alone. So, how can we close this gap and accelerate climate action? The Cities Climate Finance Leadership Alliance (CCFLA) offers a comprehensive assessment of the state of urban climate finance in its latest deep-dive report. 📖 Explore the study: https://lnkd.in/g8xvB6hZ #climatefinance #cities #COP29 #urbanclimatefinance

The 2024 State of Cities Climate Finance report provides the most comprehensive assessment of urban climate flows and needs globally. According to the Cities Climate Finance Leadership Alliance (CCFLA) report, cities require an estimated USD 4.3 trillion per year for mitigation alone by 2030, and USD 6 trillion by 2050. While data gaps limit a full estimate of urban adaptation needs, cities in emerging markets and developing economies (EMDEs) will need USD 147 billion annually by 2030 and USD 165 billion annually from 2031 to 2050. Discover the insights driving urban climate action: https://lnkd.in/dKsWED9Q #citiesclimatefinance #mitigation #adaptation #climatefinance

Springer Nature has just released a must-read article on how COVID-19 fiscal spending impacted climate change adaptation and resilience—and the findings are eye-opening... 👀 🟣 While government recovery efforts presented a chance to invest in climate-resilient infrastructure, the report reveals that much of the spending fell short of what’s needed 📉 🟣 In fact, some investments may have inadvertently locked in non-resilient infrastructure, putting long-term climate adaptation at risk ⛈️ 🟣 Climate resilience received less attention than mitigation in key policy decisions, underscoring the urgent need to realign fiscal strategies with adaptation goals. What role can individuals play in advocating for climate adaptation and resilient infrastructure? ✊ Let us know in the comments! Read the full report and explore the crucial findings below: https://lnkd.in/eFFBpURR #ClimateAdaptation #ResilientInfrastructure #COVID19Recovery #ClimateResilience #Sustainability #FiscalPolicy #GreenRecovery #NatureSustainability

We just published this guide, together with the 2050 Pathways Platform , on how #NDCs can align with the #ParisAgreement! A key tip is: LT-LEDS can be very useful for that ;) We hope you find it interesting and relevant!

If you think the concept of alignment is too abstract, the guide includes four illustrative country case studies, written by in-country experts: Cristián E. Retamal González for Chile, Saritha Sudharmma Vishwanathan and Prof. Amit Garg for India, Nick Evans and Matthias Duwe for the European Union and Elke Westenberger and Hassan AGOUZOUL for Morocco. Thanks for showcasing how countries are working towards alignment!

🏙️ Cities are essential partners in achieving climate action, driving innovation and resilience to safeguard their citizens and the planet. The latest GCoM Impact Report underscores the remarkable achievements and urgent needs of cities worldwide. As Kurt Vandenberghe, Director-General of the European Commission's Directorate-General for Climate Action, underscores: “Cities are ground zero for climate impacts, but also hubs of innovation for local climate action. The Global Covenant of Mayors empowers cities to adapt, thrive, and build climate resilience to improve the lives of their citizens.” ✅ 13,558 GCoM cities represent 1.2 billion people across 147 countries. ✅ 75% of GCoM cities aim to go beyond national climate targets, leading the way to a net-zero future. ✅ Cities have the potential to reduce 4.2 GtCO₂e annually by 2050 – equivalent to removing 1 billion cars from our streets by 2025. ✅ Yet, with a staggering annual funding gap of €2.33 trillion for urban mitigation and €177–334 billion for adaptation, swift action on climate finance is critical. Cllr. Kenalemang Rose Phukuntsi, Mayor of Tswelopele 🇿🇦, reminds us: “Our cities are made for everyone, including the most vulnerable among us: women, youth and persons with disabilities. Climate finance does not always reach the most vulnerable people in our municipalities, and GCoM is one of the cities’ alliances that help us access and distribute better climate finance.” 💡 With every €1 invested in resilience, we avoid €4 in damages, proving that action today is an investment in a safer tomorrow. 🌱 Discover the 2024 GCoM Impact Report to learn more about the scale of urban climate ambition and the transformative potential of cities. 👉https://lnkd.in/dp8FdrVU EU Environment and Climate Covenant of Mayors - Europe