Emerging Cities Could Attract $29 Trillion in Climate Investments

Manila Bulletin, November 30, 2018 | Go to article overview

Emerging Cities Could Attract $29 Trillion in Climate Investments


By MICHAEL TAYLOR

KUALA LUMPUR (Thomson Reuters Foundation) - Cities in emerging markets could attract $29 trillion in climate-related investments like green buildings and electric vehicles over the next decade, the World Bank Group's International Finance Corporation (IFC) said on Thursday.

Researchers looked at climate action plans of cities with more than 500,000 people, focusing on six sectors: green buildings, public transport, electric vehicles, waste management, water treatment and renewable energy.

"Getting the cities right is absolutely essential for climate," said Alzbeta Klein, the IFC's director for climate business. "They play a role in how climate looks and how it defines for the next generation ahead of us."

More than half the global population lives in urban areas, according to the IFC. Cities consume over two-thirds of the world's energy, and account for more than 70 percent of all carbon dioxide emissions.

Green investments, targets and policies in cities will be crucial if countries are to meet the emissions reduction targets endorsed by governments for the 2015 Paris Agreement to curb climate change.

Green building codes, which include reducing energy consumption, will account for $24.7 trillion of climate investment opportunities in cities by 2030, the report said.

Low-carbon transportation such as energy-efficient public transport could attract $1 trillion during the same period, while electric vehicles could see $1.6 trillion in investments.

Clean energy could bring $842 billion of investments, while water may attract $1 trillion, and waste management $200 billion. …

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