Study Finds Huge Climate Finance Gap For World's Cities, Calls For More Support
• Cities face a huge climate finance gap, receiving only 1% of the estimated $5.4 trillion per year they require by 2030.
• Multilateral development banks (MDBs) provided $62 billion in urban climate finance from 2015-2022, just 21% of total climate finance.
• Cities in sub-Saharan Africa, Middle East and North Africa receive very little urban climate finance despite high vulnerability.
• Issues like creditworthiness and limited capital market access restrict climate finance for cities in poorer regions.
• The study calls for MDBs to provide more concessional finance to de-risk investments in vulnerable cities.