Sustainable Finance Action and Advocacy: A Roadmap for Global South Cities
Executive Summary
The urgency of sustainable finance for cities in the Global South cannot be overstated, as they face rapid urbanization and increasing climate vulnerabilities. With over half of the global population residing in cities and an even greater share expected to do so over the next three decades—mostly in the Global South—these regions are particularly at risk from climate change due to poor infrastructure, large informal settlements, heightened exposure to extreme weather events, and pollution.
These challenges can only be addressed through greater investment, current and future, into sustainable avenues that address both climate mitigation and adaptation needs of cities. Yet, the climate finance requirements of most cities remain largely unmet. Other than East Asia and the Pacific, in every Global South region the funding gap as a proportion of its estimated urban climate finance needs exceeds 90%.
Mayors can drive greater climate finance in two main ways:
- prioritizing and identifying actions that can be taken at the city level,
- engaging and advocating with national, regional, and global stakeholders, including national governments, International Financial Institutions (IFIs), private financiers, global climate funds, and institutional investors.
Commissioned by C40 Cities, the Global Covenant of Mayors for Climate and Energy (GCoM), and UrbanShift, this Roadmap provides evidence-backed insights, policy recommendations, and tools for Global South city mayors to act and advocate for sustainable financial systems and enabling policy environments that support greater funding and investment for climate action in their cities.