A high-level roundtable on financing urban climate action was held within the framework of COP29, APA reports.
The roundtable took place in cooperation with the COP29 Presidency, the State Committee for Urban Planning and Architecture, UN-Habitat and the Multilateral Development Bank.
"Currently, more than 55% of the world's population lives in cities. By 2030, this figure is expected to exceed 60%. According to UN estimates, urban areas are responsible for 70% of global greenhouse gas emissions. By investing in sustainable infrastructure, green buildings and resilient urban systems, cities can ensure the transition to a low-carbon, climate-resilient future. But for this we need finance," said Anar Guliyev, Chairman of the State Committee for Urban Planning and Architecture, during his speech.
Presenting the World Cities on Climate Report, UN-Habitat Executive Director Anaclaudia Rossbach said that between 4.5 and 5 trillion dollars should be allocated annually to invest in new or improved climate-resilient infrastructure by 2030:
"Currently, cities can only provide a fraction of this, 7-8%."
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