UN arm wants city governments to accelerate climate action

The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) is pushing for the use of blended finance and financial aggregation by city governments to accelerate climate action.

- LOUELLA DESIDERIO

This was the recommendation of ESCAP in its working paper to promote the development of an effective city climate finance matchmaking program for the Philippines, China, India, Indonesia and Thailand.

Matchmaking refers to initiatives aimed at strengthening the capacity of cities to develop and implement bankable climate action projects, connecting cities with potential investors including private investors and development banks, and promoting the use of innovative financial instruments and mechanisms to accelerate climate action in cities.

ESCAP said there is a pressing need to increase efforts to reduce carbon emissions worldwide, with the need more urgent in cities, which are vulnerable to the impacts of climate change.

However, it pointed out that cities lack financial resources and project preparation expertise for climate action projects.