Challenges of Mdbs for supporting countries and cities on sub-national finance, including green climate finance

The global population is currently facing multiple challenges impacting both human and economic development, with progress towards the SDGs moving slowly. This situation is worsened by the escalating effects of the climate emergency, which disproportionately affect vulnerable populations worldwide.

In response to these challenges, Multilateral Development Banks (MDBs) recognize their shared responsibility to address global issues and expedite progress towards the SDGs and climate action. With the urgent need for increased development finance due to rising debt levels and strained government budgets, MDBs are committed to enhancing collaboration and taking coordinated and individual actions to achieve greater impact.

Cities in particular are a major source of emissions contributing to climate change and at the same time will be most acutely impacted by it. To address these issues the
"Challenges of Mdbs for supporting countries and cities on sub-national finance, including green climate finance" event will feature a panel discussion focused on whether MDBs are moving in the right direction and what MDB cooperation with each other and with other key partners can be enhanced to address the scale of the challenge. Representatives from various sectors, including city governments, national governments, city networks, and the private sector, will come together to offer diverse perspectives on MDB actions and their alignment with global goals.

The discussion will center around MDB Principles on Cities and Climate Change, addressing key areas from recent MDB City and Climate Working Group meetings. Members include ADB, AfDB, AIIB, EBRD, EIB, IADB, IsDB, IFC, and WB. The focus will be on MDBs' role in financing local priorities, offering technical assistance, and stressing the need to enhance financing capacity, promote joint action on climate issues, improve collaboration at the country level, strengthen co-financing mechanisms, and engage the private sector.
The event will highlight MDBs' crucial role in mobilizing finance for sustainable urban development, especially in climate action and financing for subnational governments. With over half the world's population residing in urban areas, cities are pivotal in addressing climate change and fostering resilience. Boosting concessional and climate finance to cities is essential, leveraging MDBs' expertise and resources to support cities' transition to low-carbon, resilient futures, and attracting additional resources from the public and private sectors.

The event will serve as a platform for MDBs to showcase their initiatives supporting urban decarbonization and resilience globally. It will also stress the importance of enhanced collaboration among MDBs and other stakeholders to maximize the impact of climate finance at the subnational level.