Banking on cities, investing in resilient and low-carbon urbanization

Cities in low and middle income countries (L&MICs) need to invest in resilient and low-carbon growth. Cities experience stronger climate impacts than rural areas, and within cities, the most economically and socially marginalized populations are the most affected (IPCC 2022). Cities in L&MICs are the most exposed and least resilient to climate change related hazards (Mukim and Roberts 2022). These cities must act now to prevent a dramatic rise in emissions as their populations and incomes grow to avoid lock-in to energy and greenhouse gas intensive urban assets, services, and spatial forms; to contribute
to national emission reduction commitments; and to reduce local pollution and inefficiencies from a high-carbon growth trajectory. Approximately 70 percent of global consumption-based greenhouse gas emissions today are estimated to be caused by urban areas (IPCC 2022) a figure that may rise in the absence of climate action as the global urban population rises from about half today to two-thirds by 2050. However, cities can also be part of the solution for curbing emissions. The Coalition for Urban Transitions (2019) estimated that global urban emissions can be cut by 90 percent by 2050 if cities move from a business-as-usual trajectory, while creating jobs and economic returns of US$23.9 trillion. A 2016 report estimated that actions in cities can deliver 40 percent of the reductions that are necessary to limit global warming to 1.5°C (C40 Cities Climate Leadership Group and Arup 2016). Although L&MICs have historically contributed very small amounts to global warming, they must never the less set them selves on low-carbon growth trajectories before unsustainable and costly urban forms and technologies are locked in.

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