G20 china_web

Climate change and green finance
Rio is committed to reducing its
emissions by 20 per cent by 2020
Cutting emissions will also lead to
more jobs and less inequality
The Botafogo Neighbourhood
in Rio de Janeiro, Brazil
RMNUNES /ISTOCK IMAGES
As Chair of the C40 Cities Climate
Leadership Group, a network of the
world’s largest cities committed to cutting
their emissions and tackling climate
change, I recognise the potential for the
G20 to replicate the type of collaboration
and shared ambition to secure a low
carbon future seen in the C40 network.
Organisations that are able to bring
together the expertise and experience of
communities, from the Global North and
Global South, to drive progress on climate
action at a faster pace and at a lower cost
will be key to delivering the promise of the
Paris Agreement.
Cutting emissions
More than half the world’s population
now lives in cities and 70 per cent of
energy-related greenhouse gas emissions
are generated in urban areas. Cities play
a major role in delivering the cuts to
emissions that countries committed to at
Paris. In August 2015, Rio became the first
city to comply fully with the Compact of
Mayors – the world’s largest coalition of
city leaders addressing climate change.
Through its commitment to the compact
and membership in C40, Rio is committed
to reducing its emissions by 20 per cent by
2020, compared to 2005 levels.
C40 Cities - Largest
Citywide Emissions 2015
Moscow
Tokyo
Seoul
Singapore
New York
metric tonnes CO2e
+249=
+233=
+161=
+156=
+153=
74,753,792
70,125,000
48,550,952
46,831,860
45,993,429
Source: CDP
70%
Energy-related greenhouse
gas emissions generated
in urban areas
Mayors in the great cities of the world
have the ambition, skills and knowledge to
deliver huge cuts in emissions. However,
this also requires more collaboration
between national, regional and local levels
of government. Recent research by C40
revealed that the lack of such support and
collaboration remained a significant barrier
facing mayors and city leaders.
One key announcement at Paris was
that at least $100 billion per year will be
mobilised from public and private sources
to help developing countries mitigate and
adapt to climate change by 2020. Very little
of that will be directly accessible by cities.
Initiatives such as the C40 Cities Finance
Facility will unlock up to $1 billion in
sustainable infrastructure in cities in lowand
middle-income countries by 2020.
Sustainable cities
In April 2016, global leaders in city
finance met in Rio for the C40 Financing
Sustainable Cities Forum, in partnership
with the Citi Foundation and WRI Ross
Center for Sustainable Cities. It was the
first such gathering to accelerate financing
climate action in cities. A lot of progress
is being made, but to achieve the scale of
investment needed to get all cities onto a
low carbon development path G20 leaders
should ensure that city governments can
directly access the growing green finance
funding available through public, private
and multilateral sources.
As Mayor of Rio de Janeiro I have seen
first-hand the devastating impacts of
climate change on my city, including the
floods and landslides that claimed more
than 900 lives in 2011. As the leader of an
administration committed to an ambitious
climate change agenda, I have also seen the
benefits that such action can deliver.
Cutting emissions and adapting our city
to meet the threats of climate change are
not only good for the planet, but will also
deliver cleaner air, faster economic growth,
more jobs and less inequality. Now is the
time for the G20 leaders to recognise the role
of cities and empower them to deliver a low
carbon and climate-safe future for millions
of urban citizens worldwide. G20
G7G20.com September 2016 • G20 China: The Hangzhou Summit 195