Bridging the Gap-Matchmaking Between Cities and Investors for Climate Action
November 6, 2024 | 15:00 - 16:30
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Summary
Climate Finance Landscape and the Importance of Matchmaking
“Cities are where the climate battle will largely be won or lost.” - words from United Nations Secretary-General António Guterres underscoring the pivotal role of cities in the fight against climate change.
With more than half of the global population residing in urban areas, cities consume two-thirds of the world’s energy and emit more than 70 percent of greenhouse gases (GHG). Despite being disproportionately exposed to a range of climate risks, they lack adequate funding to transition to a resilient, low-carbon development.
The 2021 State of Cities Climate Finance report estimated that USD5.4 trillion of climate finance is needed globally on an annual basis but only $384 billion in such financing is made available. Bridging this gap is crucial, as emissions are set to increase with urbanization.
The good news is that new opportunities for sourcing capital have emerged in recent years, such as the $29.4 trillion climate investment opportunity in emerging cities estimated by the International Finance Corporation, and the over $130 trillion private sector capital through the Glasgow Financial Alliance for Net Zero targeting investments with net-zero GHG emission ambitions.
Cities need to seize these opportunities by overcoming barriers to accessing climate finance. Doing so requires concerted efforts from the local and national governments, alongside international partners. Therefore, facilitating connections between cities and investors through a matchmaking platform can provide clarity on available funding opportunities and investment criteria, and enable cities to access expertise, knowledge, and support to enhance the success of their climate projects.
Objectives
This event aims:
To identify the challenges and opportunities for accessing and mobilizing climate finance in cities - the session aims to promote a better understanding of the challenges and opportunities in catalyzing climate finance. Participants will analyze key bottlenecks such as poor creditworthiness, revenue uncertainty, and insufficient institutional capacities. They will also learn about emerging opportunities from international partnerships, innovative financing modalities, and increased private-sector involvement. Through open discussions, participants will gain insights into navigating the complexities of climate finance enabling them to address the challenges effectively.
To offer firsthand experiences to enhance cities' readiness to leverage available financing opportunities - The session will also invite panelists, representatives from cities in Asia- Pacific and Africa that have effectively utilized financing to identify viable models, strategies, and lessons that other cities may apply in securing finance for their projects.
To foster connections between cities and investors/downstream financiers - through structured discussions, participating cities will be able to showcase their projects, just as investors will learn of promising initiatives. This networking event will serve as a platform for forging mutually beneficial partnerships that will promote climate-resilient and low-carbon development in cities.