Rio de Janeiro, Buenos Aires and Ahmedabad join forces to finance climate protection measures
The cities of Rio de Janeiro, Buenos Aires, and Ahmedabad have joined forces to support municipalities worldwide in their efforts to tackle climate change.
Backed by the C40 and UCLG, these cities have formed a working group that aims to provide financial resources for climate change resilience and mitigation.
Their ultimate goal is to develop recommendations for the G20 Summit in Rio in November 2024, where the leaders of the world’s largest economies will convene.
The announcement of this initiative took place at the U20 meeting of G20 cities in Ahmedabad.
Representatives from Rio, including Lucas Padilha and Pedro Spadale, highlighted the need for significant progress in climate financing.
The U20 communiqué stressed the role of cities in addressing the climate crisis and emphasized the importance of long-term financing instruments with low interest rates.
The working group of Rio, Buenos Aires, and Ahmedabad will collaborate with the Global Commission for Urban SDG Finance to reform the financial system.
They aim to ensure direct investments and access to international financial resources, which are crucial for cities to achieve their climate goals.
The focus will be on formulating solutions and recommendations for multilateral development banks to enhance availability and access to climate financing for cities.
By obtaining financial support, cities can overcome challenges in implementing climate projects. Multilateral development banks are vital in expanding support for urban climate investments by providing grants, blended financing, and guarantees.
This assistance helps reduce bank lending costs, improve access to favorable loans, and attract resources from the private sector.
The U20 aims to convey pleas to the G20 heads of state and government, primarily regarding climate financing.
With cities responsible for over 70% of global greenhouse gas emissions, the goal is to significantly increase financial resources for cities to address the climate crisis more effectively.
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