C40 Blog

By James Alexander (C40 Metropolitan areas) and Darius Nassiry

We all know that metropolitan areas are answer to a eco-friendly and resilient future – however, many metropolitan areas all over the world are presently not able to invest in the bold and ambitious climate action which will stop us on course. Considerably more purchase of metropolitan areas is required, but if existing development banking companies, funds and investors offered more support, metropolitan areas – specifically in low- and middle-earnings countries – would still face a constant fight to invest in the transition to some low-carbon future.

A brand new paper, printed today through the C40 Metropolitan areas Climate Leadership Group (C40) and also the Overseas Development Institute (ODI), with support from ClimateWorks Foundation and Baker McKenzie, proposes the development of a brand new institution to invest in eco-friendly city projects and invites input and feedback from the wide number of interested stakeholders.

The paper highlights the worldwide proportions of the financial lending gap for sustainable urban infrastructure and also the chance to have an institutional response that’s proportionate towards the pace and proportions of the task.

Importantly, the paper scopes the practicality of the Eco-friendly Metropolitan areas Development Bank, which may combine important elements of development banks using the proven eco-friendly bank model, centered on city support. This kind of institution would lend straight to metropolitan areas and subnational governments enabling the rapid growth and development of sustainable urban infrastructure projects.

Mark Watts, Executive Director of C40 Metropolitan areas stated,

Mayors and city treasurers have required methods to the town financing challenge for several years. Speaking on the requirement for an institutional response, the outgoing Mayor of Quito, Mauricio Rodas stated, “;A Eco-friendly Metropolitan areas Development Bank could be very advantageous for the city which help us make our vision of the sustainable future a real possibility.”

Mayor Jorge Muñoz from Lima stated, “;We need institutions such as the Eco-friendly Metropolitan areas Development Bank to assist us deliver Lima’s climate plans and actions.”

Anies Baswedan, Governor of Jakarta stated, “;For metropolitan areas within the Global South with limited sources and competing priorities, a Eco-friendly Metropolitan areas Development Bank might help us accelerate sustainable development programs which we’re able to not have access to supported otherwise.”

The Main Financial Officer of eThekwini (Durban) Town, Krish Kumar, added, “;This is an excellent initiative that have a global impact according of climate action and infrastructure development. In lots of developing countries, the desire to visit eco-friendly can there be but you will find a lot of competing priorities to prioritise eco-friendly projects, for example electric buses. The supply of fundamental services, for example water, electricity, and sewerage, remain important. Additionally, use of funding eco-friendly and smart city initiatives is a big obstacle. Accordingly, there is really an excuse for this type of development bank because of the growing interest in eco-friendly infrastructure financing in metropolitan areas. We therefore welcome and fully support this type of development bank. We feel this will definitely help lower financial barriers to climate action and can encourage more metropolitan areas to commit and get the prospective of zero carbon emissions.”

Further detailed scoping jobs are needed before a Eco-friendly Metropolitan areas Development Bank can be realized. The paper continues to be launched like a consultation draft for the exact purpose of recording and incorporating feedback and concepts from over the sustainable metropolitan areas sector.

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