Cities are not receiving the finance they need to adapt to the effects of climate change. Multilateral development banks, by leveraging their balance sheets and technical expertise, can be a cornerstone in attracting the financing needed for cities in low- and middle-income countries to realize their climate action plans.
As we assess the outcomes of the 28th United Nations Climate Change Conference, or COP 28, and ready ourselves to take the necessary further action, the pivotal role of cities in combating the climate crisis has received unprecedented recognition.
In a first-of-its-kind collaboration, the COP 28 presidency, alongside Bloomberg Philanthropies, hosted the first Local Climate Action Summit. This gathering united hundreds of local leaders, spotlighting their indispensable contributions to reducing emissions and managing climate risks, and also saw the initiation of nationwide initiatives to expedite climate action.
About the authors
Elena Bagnera
Elena Bagnera, senior analyst at CPI in Washington D.C., focuses on international financial architecture reform, notably through the FiCS Lab. Her work emphasizes the role of public financial institutions in mobilizing private capital. Elena has authored papers on multilateral development banks' collaboration with national development banks and their role in advancing urban climate finance.
Priscilla Negreiros
Priscilla Negreiros, senior manager at Climate Policy Initiative in London, leads the Cities Climate Finance Alliance, or CCFLA, fostering cooperation and advocacy in subnational climate finance. CCFLA aims to scale up finance for city-level climate action by 2030, bridging demand and supply with cities, national governments, DFIs, and private investors.
