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Financing Climate Futures

Rethinking Infrastructure

image of Financing Climate Futures

Infrastructure worldwide has suffered from chronic under-investment for decades and currently makes up more than 60% of greenhouse gas emissions. A deep transformation of existing infrastructure systems is needed for both climate and development, one that includes systemic conceptual and behavioural changes in the ways in which we manage and govern our societies and economies. This report is a joint effort by the OECD, UN Environment and the World Bank Group, supported by the German Federal Ministry for the Environment, Nature Conservation and Nuclear Safety. It focuses on how governments can move beyond the current incremental approach to climate action and more effectively align financial flows with climate and development priorities. The report explores six key transformative areas that will be critical to align financial flows with low-emission and resilient societies (planning, innovation, public budgeting, financial systems, development finance, and cities) and looks at how rapid socio-economic and technological developments, such as digitalisation, can open new pathways to low-emission, resilient futures.

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Empower city governments to build low-emission and resilient urban societies

Cities are a priority area for furthering low-emission, resilient and inclusive development. The way cities expand and develop will impact the trajectory of global emissions. Cities, especially in developing countres, are vulnerable to climate risks. This chapter explores the barriers facing cities as they grapple with the challenges of insufficient financing and infrastructure deficits, and the important development opportunities presented by financing low-emission, resilient infrastructure. The chapter describes four key actions for governments to empower cities: integrate land-use and transport policies, align national and local fiscal regulations with investment needs in cities, build climate-related and project finance capacity in cities, and seize the development benefits of low-emission, resilient planning.

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