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    • development finance

    Cities are ready to act on climate — but financing remains out of reach

    Despite ambitious climate plans, city networks warn that outdated fiscal systems and limited borrowing power are holding back urgently needed investment.

    By Ayenat Mersie // 03 July 2025

    Across the world, cities are drawing up climate plans, setting ambitious targets, and preparing projects to cut emissions and adapt to growing risks.

    Yet despite their central role in development and emissions, many local governments still struggle to access the financing needed to turn plans into action.

    “Cities are delivering,” said Luis Sáenz, head of finance and policy advocacy at C40 and GCoM, a global climate-focused network of nearly 100 mayors around the world. “Cities are implementing. Cities are committed to climate action.” He noted that many local climate plans are, in some cases, more ambitious than national targets.

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    More reading:

    ► The case for catalytic equity in climate and development finance (Pro)

    ► With climate finance deadlocked, global tax proposals rise again

    ► How cities are getting a seat at the global climate finance table

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    About the author

    • Ayenat Mersie

      Ayenat Mersie

      Ayenat Mersie is a Global Development Reporter for Devex. Previously, she worked as a freelance journalist for publications such as National Geographic and Foreign Policy and as an East Africa correspondent for Reuters.

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