Two years ago, more than 180 countries gathered in Paris to sign a landmark climate agreement to keep global temperature rise well below 2 degrees Celsius.
Tomorrow, on December 12, 2017, exactly two years after the signing of the historic Paris Agreement, the government of France will be hosting the One Planet Summit in Paris to reaffirm the world’s commitment to the fight against climate change.
At the summit, mayors from cities around the world, big and small, will take center stage with heads of state, private sector CEOs, philanthropists, and civil society leaders to discuss how to mobilize the financing needed to accelerate climate action and meet the Paris Agreement goals.
Presently, the average annual loss from natural disasters in cities is estimated by the UN at over $250 billion. If cities fail to build their resilience to disasters, shocks, and ongoing stresses, this figure will rise to $314 billion by 2030, and 77 million more city dwellers will fall into poverty, according to a new World Bank/GFDRR report presented at COP22.
The good news is that we have a window of opportunity to make cities and the urban poor more resilient. Over 60% of the land projected to become urban by 2030 is yet to be developed. Additionally, cities will need to build nearly one billion new housing units by 2060 to house a growing urban population. Building climate-smart, disaster-resilient cities and housing is thus an immediate priority, especially in the developing world.
To seize that opportunity, countries will need significant financing for infrastructure—over $4 trillion annually—and making this infrastructure low carbon and climate resilient will cost an additional $0.4 to $1.1 trillion, according to a CCFLA report.
Mobilizing private capital is the best bet for helping to close this financing gap.