New report from CDP and AECOM reveals how collaboration between cities and the private sector is unlocking multi-billion dollar green investment opportunities
Growing numbers of the world's cities are bringing forward ambitious climate action plans and calling on the private sector to help deliver on them.
That is the conclusion of a new report from climate reporting NGO CDP and engineering consultancy giant AECOM, which assess how urban centres are working to mobilise the $57tr of investment that is estimated to be required for low-carbon transport, energy, water, waste and telecommunications infrastructure between now and 2030.
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The report - which is sponsored by Bloomberg Philanthropies and titled It takes a city: The case for collaborative climate action - draws on the latest annual climate data submissions made to CDP by city governments around the world.
It analyses data from 533 cities and reveals 89 per cent see climate change as a significant risk, while 44 per cent have a climate action plan already in place and 36 per cent have city-wide emissions reduction targets.
The findings further underline the growing commitment to climate action amongst city governments, after more than 7,000 cities recently made public climate change commitments through the Global Covenant of Mayors for Climate and Energy.
The report also highlights the huge investment and business opportunities associated with urban efforts to cut carbon emissions and enhance climate resilience.
Nearly two-thirds of cities reporting to CDP are already collaborating with businesses, whether through knowledge sharing, business development, planning policy, project implementation or financing, the report said.
Moreover, cities reported over 1,000 economic opportunities linked to climate change, while 277 cities revealed they are actively seeking private sector involvement on 720 climate-related projects worth $26bn.
The top emission reduction activities reported by cities include energy efficiency and retrofit measures, infrastructure for non-motorized transport, low or zero-carbon energy generation, and waste prevention policies and programs, the report said.
"This data supports what we are seeing in our direct dealings with cities," said Ben Smith, director of sustainable development at AECOM, in a statement. "Cities the world over are identifying their priorities to reduce emissions, adapt to climate impacts and increase resilience, but more and more they are looking for partners to help them develop robust business cases and realise the solutions."
Maia Kutner, head of cities at CDP, said there was a growing realisation amongst city governments that they "do not need to go it alone when it comes to responding to climate change".
"They are recognizing there is power in numbers, which is why so many came together to form the Global Covenant of Mayors for Climate and Energy this June," she said. "By partnering with the private sector, cities can not only spur the growth of new markets, they can deliver even greater emissions reductions."
The release of the study came ahead of today's publication of a new report from the European Trade Union Confederation (ETUC), which calls for a regional approach to ensuring the shift to a low carbon economy results in a 'just transition'.
The report argues more policy planning is needed at a regional level to ensure the social impact on high carbon industrial hubs is mitigated and the benefits of a shift to new low carbon technologies are maximised. It also calls for increased investment in the development of ‘low-carbon breakthrough technologies', greater worker involvement in low carbon policy development, and new strategies for delivering a skilled workforce that can play a full role in the low carbon transition.
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