OPEC Fund Quarterly - 2022 Q3

Somnath Basu, Senior Advisor ESG – Strategic Planning & Economic Services “When people don‘t conserve energy, it is mainly because of

The New Urban Agenda sets a new global standard for

to climate change but to many other issues, including traffic congestion, ageing infrastructure, and safety and security of citizens. In its Climate Investment Opportunities in Cities report, the IFC estimates a cumulative climate

habit. It is driven by behavior, not by need. The point is that you have to be conscious. It is a matter of understanding, attitude and practice. If you don‘t internalize the adverse impact, then it will not work. It takes time to change ingrained attitudes. But given the challenge we are facing, we can‘t give up.”

sustainable urban development. It is a roadmap for building cities, which serve as engines of economic development and centers of social

and cultural well-being, while protecting the environment.

The Agenda commits leaders to: • Provide basic services for all citizens, • Ensure that all citizens have access to equal opportunities and face no discrimination, • Promote measures that support cleaner cities, • Strengthen resilience in cities to reduce the risk and the impact of disasters, • Take action to address climate change by reducing their greenhouse gas emissions, • Fully respect the rights of refugees, migrants and internally displaced persons regardless of their migration status, • Improve connectivity and support innovative and green initiatives, and • Promote safe, accessible and green public spaces. Public and private investments are needed As the pandemic made us rethink how we can build back our cities better, mayors around the globe have been stepping up efforts, partnerships and civil society engagements to find solutions to the problems that keep

investment opportunity of nearly US$30 trillion in six urban sectors in cities in emerging market economies by 2030. The bulk of these opportunities, nearly US$25 trillion, rests with green buildings, which covers both new construction and retrofits. But the report also identifies trillion-dollar opportunities in public transport infrastructure, electric vehicles, improved management of water resources, renewable energy, and better handling of waste.

(IFC), a member of the World Bank Group, has been a long-time pioneer in unlocking private sector financing for cities. The institution is closely collaborating with municipal leaders around the world for problem-solving to address challenges related not only

70% of global carbon emissions are generated in cities

70% of people

in emerging markets are expected to live in cities by 2050

them awake at night: migration, security challenges and climate change impacts. Developing sustainable cities requires huge investments. Public budgets alone cannot meet the scale of investment required to address urban development needs, so unlocking private sector financing is crucial. Multilateral development finance institutions are

The world's urban population is growing by 65 million people a year

prioritizing the challenge and are expanding their collaboration with both governments and cities around the world to facilitate more investments. The International Finance Corporation

Cities account for two-thirds of global energy use

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