Publication Details

Category Text Publication
Reference Category Reports
Title (Primary) Finance opportunities for climate change solutions in cities. Resilient Cities 2016 Background Paper
Author Schwarze, R.; Meyer, P.B.; Markandya, A.; Kedia, S.; Maleki, D.; Román, M.V.; Tomonori, S.; Surminski, S.; Anderson, N.; Olazabal, M.; Grafakos, S.; Dobardzic, S.
Year 2016
Department OEKON
Page To 14
Language englisch
Abstract Cities cannot fund climate change responses on public funding sources only. Multiple funding sources are needed to deliver the large infrastructure financing that is essential to low-carbon development and climate risk management in cities. Estimates of annual cost of climate change adaptation range between $80-100 billion, of which about 80% will be borne in urbanized areas. In an important tracking effort the World Economic Forum estimated an average annual need of almost US$ 5.7 trillion infrastructure investment to achieve the 2°C stabilization target (WEF 2013), and correspondingly more if the world pursues efforts to limit the temperature increase to 1.5 °C above preindustrial levels as agreed in Paris last year. In the face of these challenges it is clear that public funding mechanisms will be completely inadequate - even with stepped-up contributions to the Green Climate Fund. Cities therefore must tap into a full spectrum of opportunities to raise money for climate action. This background paper shows how municipality governments could raise climate finance from various public and private finance sources and gives best practice examples on how this could be invested in programs and projects. The background paper is taken from the 2nd Assessment Report Climate Change in Cities (ARC3.2) of the Urban Climate Change Research Network (UCCRN) which is set to be released at Habitat III in Quito, Ecuador in October 2016.
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Schwarze, R., Meyer, P.B., Markandya, A., Kedia, S., Maleki, D., Román, M.V., Tomonori, S., Surminski, S., Anderson, N., Olazabal, M., Grafakos, S., Dobardzic, S. (2016):
Finance opportunities for climate change solutions in cities. Resilient Cities 2016 Background Paper
ICLEI - Local Governments for Sustainability, Bonn, 14 pp.