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.