Oct 29, 2022
Act Local to Go Global is the theme of World Cities Day 22, observed on October 31. The emphasis is on empowering local and regional governments to create greener, more equitable and sustainable cities. This principle is at the heart of the Climate Investment Funds (CIF) investments.
Cities are on the frontlines of the climate crisis, as major contributors to greenhouse gas emissions, and themselves disproportionately affected by the impacts of climate change. But they also have the potential to lead the world to a cleaner, carbon-free, more resilient future.
"Growing urbanization and climate change create complex risks, especially for those cities that already experience poorly planned urban growth, high levels of poverty and unemployment, and a lack of basic services," says Debra Roberts of the UN’s Intergovernmental Panel on Climate Change (IPCC).
Climate risks for cities have significantly increased over the last decade. However, with their existing infrastructure and population density, cities are also where the transformative potential of climate-smart technologies and policies is greatest. This is particularly true of mid-sized cities in the developing world, which are often located in areas particularly vulnerable to the impacts of climate change, such as floodplains and coastlines.
CIF for over a decade, has supported cities in reducing their carbon footprint. The $7.1 billion Clean Technology Fund (CTF) provides resources to scale up renewable energy, energy efficiency, and clean transport. Additionally, projects to help cities adapt to the growing impacts of climate change and build future resilience are financed through the $1.2 billion Pilot Program for Climate Resilience (PPCR).
In Kazakhstan, the Clean Technology Fund worked with a private energy company to finance priority investment programs in the cities of Pavlovdar, Ekibastuz, and Petropavlovsk. The contribution aimed to improve the energy efficiency of existing heat distribution networks. Part of a $140 million investment program, the project is expected to help Kazakh municipalities save on costs, improve service, reduce heat losses, and substantially lower greenhouse gas emissions.
And in Bangladesh, CIF has been working with the Government to improve the climate resilience of communities in the country’s ten vulnerable coastal secondary towns. A $40 million investment and additional co-financing of $77 million has supported the improvement of climate-resilient coastal protection infrastructure, while building capacity at the municipal government level. Key projects include the strengthening of critical basic infrastructure, such as cyclone shelters, emergency access roads, bridges, and drainage, water supply, and sanitation systems.
Building on its track record and with a deep appreciation of the most pressing needs of cities, CIF has designed a new that Smart Cities Program that will invest where the transformational impacts of climate-smart urbanization will be most impactful. The program once launched, will support cities in low- and middle- income countries to accelerate the transition to low-carbon, climate-resilient urbanization. It will support the development of climate-informed urban planning carried forward by strategic public and private investment.
With another 2.5 billion people moving into urban areas by 2050, investing in sustainable urban development is essential if carbon and climate vulnerability lock-in is to be avoided. CIF provides concessional finance and works closely with cities at a local level to help them achieve progress toward net zero and supporting their sustainable growth and long-term resilience.
