The 2024 Global Snapshot, developed in partnership with the Global Covenant of Mayors for Climate and Energy (GCoM), reveals that 611 cities across 75 countries have disclosed 2,508 climate-related projects through CDP-ICLEI Track in 2024, with a total investment requirement of $86bn.
According to CDP, demand for climate finance in cities is increasing year-on-year as reported investment needs surged by 23 per cent in 2024. However, this remains only a fraction of the $800bn in annual public investment from national governments and development finance institutions required by 2030, as highlighted at U20 last year. The partners claim bridging this gap presents an unprecedented opportunity to unlock earth-positive solutions and accelerate sustainable urban transformation.
Climate mitigation and adaptation
Despite progress, urban climate finance remains severely insufficient. While urban climate finance flows more than doubled between 2017 and 2022, they still fall far short of the estimated $4.5 trillion required annually through 2030 for climate mitigation and adaptation in cities.
With 86 per cent of the reported projects actively seeking funding, and 40 per cent of projects in emerging markets and developing economies (EMDEs) requiring full financing, there is a pressing need for targeted investment to unlock these essential climate solutions.
The top three sectors for investment in 2024 are:
Water management – 272 projects ($28bn)
Transport – 397 projects ($19bn)
Buildings and energy efficiency – 508 projects ($12bn).
While developed economies report the highest number of projects, with Europe, North America and Latin America leading in numbers of reported projects; cities in EMDEs account for only 27 per cent of total reported financing needs. This imbalance highlights the need for greater international support to ensure climate resilience in the most vulnerable urban areas.
Read more: smartcitiesworld.net
