Finance alliance renews commitment to urban climate action

The Cities Climate Finance Leadership Alliance has renewed its commitment to deploy finance for city-level climate action ‘at scale’ by 2030. The Alliance was featured at the recent UN climate summit in New York City.

The Cities Climate Finance Leadership Alliance was founded at the UN Secretary-General’s Climate Summit in September 2014 with the aim of closing the investment gap for urban climate projects and infrastructure worldwide.

Five years later and at the most recent climate action summit, members of the Alliance announced their renewed commitment to deploying finance for “city-level action at scale by 2030”. According to an Alliance statement, trillions of dollars will be required to help cities build the low-emissions, resilient infrastructure necessary to address climate change.

The Alliance, which brings together a broad coalition of public and private finance institutions, governments, international organizations, NGOs, research groups and networks representing most of the world’s largest cities, also welcomed seven new members to its ranks: the Climate Investment Funds, the C40 Cities Finance Facility, the Congolese Agency For Ecological Transition and Sustainable Development (ACTEED), the European Bank for Reconstruction and Development, the Global Infrastructure Facility, the Green Climate Fund, and the Organisation for Economic Co-operation and Development (OECD).

It also announced a new secretariat and new, dedicated funding for its operations, which was made available through the German Federal Ministry for Economic Cooperation and Development (BMZ) and the German Federal Ministry for the Environment, Nature Conservation, and Nuclear Safety (BMU).

“The Cities Climate Finance Leadership Alliance already has a track record of success in bringing together leading institutions to cooperate on mobilizing the capital required in our cities,” said Barbara Buchner, executive director of Climate Policy Initiative and head of the Alliance’s secretariat. “Now with dedicated funding, we have big plans.”

Image credit: Jörg Schubert via Flickr

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