Raising the alarm ahead of the World Bank Spring Meetings in Washington, D.C., over 30 mayors from high- to low-income nations have written to 10 multilateral development banks, including the World Bank, urging them to turn their “gaze” and “influence” to help cities access the climate finance they need.
The latest available estimates show cities receive only 7%-8% of the climate finance they need annually — with the gap even more pronounced for cities in low- and middle-income countries. Development banks, the letter stated, can play “a significant role” in improving the financing environment for cities.
More than half of the world’s population currently lives in cities, which account for over 70% of global carbon emissions. By 2050, an additional 2.5 billion people are expected to settle in urban areas worldwide, and without strong carbon-cutting efforts, cities’ emissions could double.