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.
For the first time in history, more people live in cities than in rural areas. Although cities hold the promise of a better future, the reality is that many cities cannot live up to expectations. Too often, cities lack the resources to provide even the most basic services to their inhabitants, and cities all over the world fail to protect their people effectively against the onslaught of natural disasters or climate change.
It is estimated that worldwide, investments of more than $4 trillion per year in urban infrastructure will be needed merely to keep pace with expected economic growth, and an additional $1 trillion will be needed to make this urban infrastructure climate resilient. It is clear that the public sector alone, including development finance institutions like the World Bank, will not be able to generate these amounts—not by a long stretch.