Cities Lead Global Climate Fight, Demand $800 Billion Annual Investment by 2030

November 22, 2024
Cities Lead Global Climate Fight, Demand $800 Billion Annual Investment by 2030
  • Cities around the globe are experiencing the most severe impacts of climate change, yet they are also stepping up as leaders in developing climate solutions, particularly in areas where national governments have been slow to act.

  • As we approach 2024, forecasts indicate it will likely be the hottest year on record, surpassing 2023, which will bring about extreme heat waves, floods, droughts, and wildfires, all contributing to significant human and economic challenges.

  • The effects of climate change are particularly acute in urban areas, where cities face unprecedented challenges, including extreme weather events that threaten lives, especially in the Global South.

  • Despite occupying less than 2% of the Earth's surface, cities are responsible for consuming 78% of global energy and generating over 60% of greenhouse gas emissions, underscoring their critical role in climate action.

  • During a recent meeting in Rio de Janeiro, mayors united to demand $800 billion in annual public investment from national governments and global financial institutions by 2030 to bolster city-level climate initiatives.

  • Gregor Robertson, the former mayor of Vancouver and a special envoy to the Coalition for High Ambition Multilevel Partnerships (CHAMP), is advocating for increased financial support for urban climate initiatives from national governments and investment banks.

  • Robertson highlights that cities have the potential to nearly double national climate ambitions by integrating urban climate plans into national strategies, emphasizing the readiness of mayors to collaborate and implement effective solutions.

  • CHAMP, which was launched at the 2023 climate summit in Dubai, includes 74 cities focused on enhancing collaboration between local and national governments in tackling climate change.

  • An example of successful collaboration can be seen in the European Union's initiative to support 100 cities on a carbon-neutral trajectory by 2030, illustrating the potential for effective local and national cooperation.

  • The Global Covenant of Mayors for Climate and Energy, which supports CHAMP, encompasses over 12,500 cities and local governments across six continents, representing more than 1 billion people.

  • The role of subnational governments in climate action is gaining recognition at international summits, with mayors increasingly taking a prominent role in climate discussions and initiatives.

  • Cities are often the first responders to climate disasters, highlighting the urgent need for increased resilience and protection for urban populations.

Summary based on 1 source


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