It noted that cities are both victims of climate change and its worst offenders (Generating Green House Gases), although disproportionately exposed to impacts of climate change.
Key-findings of Report:
- Exposed to climate change: More than 2 billion people currently living in cities could be exposed to an additional temperature increase of at least 0.5 °C by 2040.
- Funding gap: Cities need an estimated $4.5-5.4 trillion per year to build and maintain climate-resilient systems.
- Current financing stands at just $831 billion.
- Shrinking Green space: With average share in urban areas worldwide falling from 20% in 1990 to 14 % in 2020.
- Impact on Vulnerable People: Some climate interventions have inadvertently worsened conditions for vulnerable communities.
- E.g., “green gentrification,” where initiatives like park creation displace low-income households or drive up property values.
Recommendations:
- Revenue raising based on enabling conditions e.g. through debt, creating PPPs, and establishing instruments to mobilize climate finance.
- Integrating climate action into urban planning and Supporting bottom-up(Locally-led) climate adaptation efforts for effectively building resilience.
- Strengthening social protection programmes, adopting nature-based solutions that address climate shocks.
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