Across cities, there are often many different stakeholders working on climate solutions, but these efforts are often separate, uncoordinated and lacking financial resources, limiting the potential to create a critical mass of insights, synergies, and actions. This workstream brings businesses and cities together to finance climate action in cities, based on city-business collaboration and project aggregation.
Cities consume over 66% of the world's energy and account for more than 70% of global CO2 emissions. However, a typical city controls less than 20% of carbon-producing assets within its boundaries. The opportunities to reduce GHG emissions in cities are considerable, but the challenge is that the emissions reduction resulting from each individual measure may be relatively low.
Cities often lack the organizational, technical and financial capacity to liaise with all actors in the implementation of their climate action plans. Businesses have the expertise, the strategic interest and the financial capacity to provide low-carbon solutions in cities, but they lack a way of engaging strategically with a city. City-business collaboration is needed to align strategies and find ways to aggregate and finance these projects.
The development of an Issue Brief will allow understanding the issues cities face and the role the private sector can play to facilitate access to private finance and low-carbon solutions. The project will then provide examples on how to align cities and companies interests and to take actions to decarbonize. Subsequently, the project will engage cities and companies to implement these actions by offering a global platform for exchange and a Solutions Toolbox including generic approaches and examples.