South Africa joins launch of city climate finance report

9 December 2015

Johannesburg Executive Mayor Parks Tau joined United Nations secretary-general Ban Ki Moon in launching the inaugural State of City Climate Finance Report by the Cities Climate Finance Leadership Alliance (CCFLA), during the Climate Summit for Local Leaders.

The summit brought together hundreds of mayors and regional leaders from across the world; Tau was also one of the panellists. The report was launched at the Paris City Hall on 4 December.

Tau noted that the report highlighted the importance of innovative financing solutions, which could involve new ways of engaging with the private sector and international finance institutions.

“In Johannesburg, we strongly believe that the city has a strong role in channelling private sector finance into low carbon and sustainable projects,” Tau said.

Climate-smart infrastructure was essential for creating a safer, better future for growing urban populations around the world, Ban explained. “This report is a launch pad for new, innovative financing to deliver true transformation in how our cities are planned and built.”

Other panellists included Lord Nicholas Stern from the Grantham Research Institute on Climate Change and the Environment; Erdenin Bat Uul, mayor of Ulaanbaatar in Mongolia; and Eduardo Paes, mayor of Rio de Janeiro in Brazil; among others.

The report

Ban said the report showed valuable insights into challenges that cities faced in financing climate action. But it also presented solutions for mobilising investment to accelerate action on climate change.

  1. It recommends that national governments adopt policies and incentives that encourage cities to invest in low-emission and climate-resilient infrastructure;
  2. It urges cities to adopt frameworks that put a price on carbon, such as cap-and-trade mechanisms or traffic congestion charges;
  3. It recommends strengthening banks and institutions that will support cities to develop climate-related projects; and,
  4. It calls for creating an innovation network for new financial instruments and funding models.

“We have no time to lose. There is no Plan B. I hope the alliance maintains this groundbreaking work and continues to grow in influence,” concluded Ban.

Click here to read the full report.

SouthAfrica.info reporter