International agencies to allocate some US$77.9 billion for climate projects in Latin America

International financing agencies will mobilize funds for more than US$77.9 billion until 2026 to support projects of Latin American cities, according to the announcement made today, Friday, at the closing day of the C40 Global Mayors Summit, a global network of mayors united to face the climate crisis.

The declaration was made by the Mayor of London and President of C40, Sadiq Khan, together with the Head of Government of the city of Buenos Aires, Horacio Rodríguez Larreta, and the Mayor of Bogotá, Claudia López Hernández, as part of the conclusions of the meeting that gathered in the city of Buenos Aires representatives of more than 120 cities around the world.

As reported by the Government of Buenos Aires in a statement, the World Bank Group, the Inter-American Development Bank, and the Development Bank of Latin America will allocate the money for environmental and climate initiatives, which will imply “greater funds to promote a sustainable development agenda in the region” and will have an impact “on the millions of Latin Americans who live in areas of high climate risk”.

“As chair of C40, one of my top priorities has been to support cities in the Global South, which are on the frontline, facing the worst consequences of climate change,” Khan said.

The London mayor said that two-thirds of the C40 budget supports climate action and green recovery efforts in Global South cities, and three-quarters of C40 cities are reducing their per capita emissions faster than their own countries.

“The difference between cities and national governments has been like the difference between night and day, with cities as implementers in the fight against climate change and governments as delayers,” said Khan.

For his part, Rodriguez Larreta warned that “the countries of the Global South are increasingly exposed to floods, fires, and droughts but are only responsible for a small percentage of historical global emissions.”

“Climate change negatively affects harvests and productivity, generating economic losses and increasing the world’s food insecurity situation.”

“Therefore, investment in the Global South is crucial to help developing countries cope with climate change, mitigate its devastating effects, and carry out adaptation efforts,” he maintained.

The host mayor welcomed the commitments made during the summit by international development banks and institutions to support financing in the Global South.

Meanwhile, the mayor of Bogota said that “dozens of cities around the world are outperforming their countries in terms of emissions reductions.”

“We face serious challenges, including the need for greater support and financing from domestic and international sources, sound regulation, and science-based climate policies that can stimulate markets and green investment.”

“Finally, we need more innovation and technology for climate resilience,” Lopez Hernandez emphasized.

Under the theme “Delivering as one”, the C40 Global Mayors Summits, held every three years, discussed issues such as green and inclusive economic recovery and green finance over two days in Buenos Aires.