Investment needed to make cities more "green"

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An overview of Mathare slum, Nairobi, Kenya. Photo: UN-Habitat/Julius Mwelu

Cities have a critical role to play in addressing climate change, but many face challenges in getting the financing needed to make them more climate-resilient.

That's according to a new study published on Friday which identifies ways to boost investment for climate action in urban areas.

The State of City Climate Finance report was launched in Paris where countries are hoping to agree a new global climate change treaty aimed at reducing greenhouse gas emissions.

Dianne Penn reports.

Cities produce almost half of all global greenhouse gas emissions, according to the report.

However, obstacles such as tax policies, lack of expertise in project development and high transaction costs have hindered investment in making them more climate-smart.

The report was issued by the Cities Climate Finance Leadership Alliance, launched by the UN Secretary-General last year.

It brings together over 40 banks, governments and civil society organizations.

Rachel Kyte is Vice President and Special Envoy for Climate Change at the World Bank Group, one of the partners in the alliance.

"There is no way that we get to two degrees or to 1.5 degrees without building and living in and transporting ourselves around cities in a very different way than we do today. At the same time, cities are growing. In the next 30 years another two billion people will move into cities. And so we have to find a way to help cities get the financing necessary to become liveable, green, clean, competitive, job-rich cities."

The report lists examples of how countries have implemented policies to make their cities more climate-resilient.

For example, some states in Brazil are transferring a portion of their sales tax revenues to cities that create protected conservation areas.

Dianne Penn, United Nations.

Duration: 1'27"

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