One of Paris Agreement’s goals is to make finance flow to support city-level climate action (Article 2.1c). This commitment calls for the alignment of finance—public and private, domestic and international—and ensuring that mechanisms are in place to support investments necessary to steer cities’ growth in a climate compatible way.
Since the 2015 Paris Agreement, there has been a groundswell in city-level commitments to addressing climate change. However, implementing this ambition remains a challenge as cities face numerous barriers to accessing financial resources to fund their climate action plans. Policymakers, decision-makers, and practitioners at all governing levels are now faced with the challenge of formulating and implementing policies, processes, and instruments/tools that could fill the finance gap for climate change actions. It is crucial to bridge the gap between the supply and demand in climate finance to mobilize the needed funding sources from public and private mechanisms to advance climate-smart solutions in cities.
Additional challenges are posed by the coronavirus pandemic which is creating devastating consequences for lives and livelihoods around the world. The Philippine government is now looking towards recovery, with plans to revitalize the economy while greening its plan to build back better during and post pandemic. As the country rolls out its economic recovery plans for COVID-19, city leaders and urban decision makers are now called to task to pursue response and recovery actions that are at the same time responsive and resilient to climate and disaster impacts and are sustainable.
In addressing these issues, city leaders and actors would need to work with national, regional, and even global partners to rapidly learn from each other and be able to implement climate solutions that can drive a more resilient and sustainable economy.
The Urban Resilience Investment Forum 2020 (Investment Forum) aims to bring together policymakers, private business and financial sectors, international organizations, and other relevant stakeholders to discuss the current landscape of support for climate action in cities and the pressing issues in accessing financing solutions and channelling investments to climate change mitigation and adaptation projects.
The Investment Forum is envisioned to be a key strategic platform for financing institutions, investors and other progressive climate change leaders both from the national and local governments to participate and dialogue. It is co-organized by UN-Habitat, the Climate Change Commission and the Department of Human Settlements and Urban Development for the “Building Climate Resiliency through Urban Plans and Design Project” which is implemented with the support of the German Federal Government’s International Climate Initiative (IKI).