Supporting green entrepreneurship at the local level

Economic activity in urban areas is the backbone of global economic development - but also a significant source of environmental pressure. According to forecasts by McKinsey & Company, by 2050 the 600 largest global metropolises will generate around 60% of GDP. Already today, urban areas account for around 75% of greenhouse gas emissions.

Although much of the discussion around such indicators focuses on the responsibility of public authorities at the national or local level, it is clear - as shown by UNEP's Emissions Gap Report and GEO for Business - that business has a role to play in shifting both global and local economies towards climate neutrality.

Changing business models can also help us meet the Sustainable Development Goals and create people- and environmentally-friendly cities. However, for this to happen today, cross-sectoral collaboration is needed to understand the different perspectives and tools (financial or regulatory) that enable green and equitable transformation.

Creating a positive environment for such a transformation will require expanding the knowledge of business on sustainable development. Ignoring this challenge may mean real business risks for a large part of the market, generate social tensions and missed opportunities for economic recovery and development of cities in different regions of the world.