By Faridat Salifu
During the World Bank Spring Meetings in Washington, D.C., more than 30 mayors from diverse regions worldwide joined forces, signing an open letter aimed at addressing the pressing issue of climate finance allocation to cities.
It was gathered that the mayors, representing a spectrum of high- to low-income nations, emphasized the critical role of international financial institutions in ensuring adequate funding reach urban areas to tackle climate change effectively.
The letter underscored a stark reality that despite the pivotal role cities play in global emissions reduction efforts, they receive a mere fraction of the climate finance necessary to implement meaningful sustainability initiatives.
Current estimates suggest that cities receive only 7%-8% of the required climate finance annually, a figure that is notably lower for cities in low- and middle-income countries.
Given that over half of the world’s population resides in urban areas, which collectively contribute over 70% of global carbon emissions, the urgency of addressing this financing gap cannot be overstated.
With projections indicating a substantial increase in urban populations by 2050, the need for robust carbon-reduction measures in cities is more pressing than ever.
The mayors call upon multilateral development banks, including the World Bank, to redirect their focus and leverage their influence to facilitate greater access to climate finance for cities.
Recognizing the pivotal role of development banks, the letter highlights their potential to significantly enhance the financing landscape for urban sustainability initiatives.
In essence, the letter serves as a rallying cry for collective action, urging international financial institutions to prioritize the allocation of resources to cities.
By bridging the finance gap and empowering cities to implement climate-friendly policies and projects, these institutions can catalyze transformative change and pave the way for a more sustainable future.