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Digital Subscriptions > Cities Today > Issue 21 > The challenge of financing climate-resilient cities

The challenge of financing climate-resilient cities

Ban Ki-moon, UN Secretary General, said that there was “no time to waste” when he launched the State of City Climate Finance report during the COP21 in Paris last December. Jonathan Andrews examines the report’s implications and how the group behind it, the new Cities Climate Finance Leadership Alliance (CCFLA), aims to mobilise climate finance for cities
Ban Ki-moon, UN Secretary General
Photo: Michael Bloomberg

The UN has revealed in its State of the City Climate Finance report that over the next 15 years, approximately US$93 trillion of infrastructure designed to be lowemission and climate-resilient will need to be built globally and that more than 70 percent of this infrastructure will be built in urban areas, at a cost of US$4.5 trillion to US$5.4 trillion per year.

“Today’s financing landscape does not provide cities with adequate access to affordable financing suited to lowemission, climate resilient infrastructure,” states the report. “The challenge is not simply to increase the amount of money in the pipeline, but also to create an enabling environment that encourages existing and new financing to flow from a broad spectrum of sources.”

The report highlights the obstacles which many cities face in accessing capital which include uncertainty over regulatory and tax policies, lack of expertise in project development, lack of control over infrastructure planning, high transaction costs and lack of proven funding models at the city and regional level.

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