Emerging cities could attract $29 trillion in climate cash

(Eco Business, 30 Nov 2018) Green investments, targets and policies in cities will be crucial if countries are to meet their emissions reduction targets.

Cities in emerging markets could attract $29 trillion in climate-related investments like green buildings and electric vehicles over the next decade, the World Bank Group’s International Finance Corporation (IFC) said on Thursday.

Researchers looked at climate action plans of cities with more than 500,000 people, focusing on six sectors: green buildings, public transport, electric vehicles, waste management, water treatment and renewable energy.

“Getting the cities right is absolutely essential for climate,” said Alzbeta Klein, the IFC’s director for climate business. “They play a role in how climate looks and how it defines for the next generation ahead of us.”

More than half the global population lives in urban areas, according to the IFC. Cities consume over two-thirds of the world’s energy, and account for more than 70 per cent of all carbon dioxide emissions.

Green investments, targets and policies in cities will be crucial if countries are to meet the emissions reduction targets endorsed by governments for the 2015 Paris Agreement to curb climate change.

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Eco Business, 30 Nov 2018: Emerging cities could attract $29 trillion in climate cash