Finance - 04/September/2019

Cities get creative on climate financing

Energy Cities, a European association of local authorities, estimates a city will need between €1 billion and €3 billion to reach net zero emissions by 2050

Cities consume more than two-thirds of the world’s energy and account for about three- quarters of global carbon dioxide (CO2) emissions. They house over half the world’s population. More than a third of the EU 2020 emission reduction target will be delivered by cities. Cities can “make or break efforts to tackle climate change”, said Kyra Appleby from non-profit environmental disclosure platform CDP in connection with the release on May 13, 2019 of the organisation’s first ranking of action on climate change by cities.

Of nearly 600 cities in the ranking, just 43, or 7%, made it onto a prestigious “A-list” that effectively gives them full marks for climate mitigation, adaptation and tracking of emissions. Top scorers included London, Athens, The Hague, Calgary, Cape Town, Melbourne, several Chinese cities and a longer list of American cities. CDP used the occasion to issue a call to action to cities worldwide: they are “more important than ever” because national climate plans currently put the world on track to about 3°C of warming, twice the 1.5°C limit agreed in Paris.

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This article is part of our special series looking indepth at how cities hold the key to the energy transition. All stories in the series will appear on our website and in the latest edition of our magazine to be published at the beginning of October 2019.

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