Pretoria - The City of Johannesburg Executive Mayor, Parks Tau joined the United Nations Secretary General Ban Ki Moon to launch the first ever State of City Climate Finance Report by Cities Climate Finance Leadership Group (CCFLA).
Mayor Tau and Ban launched the report together with Rio de Janeiro Mayor & C40 Network Chairperson, Eduardo Paes and Mayor Erdenin Bat Uul of Ulaanbaatar in Mongolia on Friday evening, shortly after the Climate Summit for Local Leaders held at Paris City Hall.
The report is designed, among others to engage national governments to develop a financial policy environment that encourages cities to invest in low emission, climate resilient infrastructure and support the most economically advanced cities in developing frameworks to price climate externalities.
It also aims to strengthen financial management in other cities to help municipalities move.
The report also recommended to develop and encourage project preparation and maximise support for mitigation and adaptation projects, collaborate with local institutions to develop climate finance infrastructure solutions for cities and create a lab or network of labs to identify catalytic financial instruments and pilot new funding models.
The C40 supported the development of the report by feeding in expertise and city experiences, as well as coordinating focus groups of C40 cities to share challenges and solutions.
Ban told the local government leaders that the world leaders were meeting in Paris to adopt an ambitious, meaningful global climate change agreement and local governments are essential to this effort.
“We are here tonight to celebrate the tremendous leadership of mayors and local leaders from all regions, who are taking bold steps to build climate-friendly, resilient cities and provinces,” said Ban.
Speaking a night after the Johannesburg’s oversubscribed Green Bond initiative won the prestigious C40 Award for its innovation to tackle climate change, Mayor Tau noted that the report highlights the importance of innovative financing solutions which can involve new ways of engaging with the private sector and international finance institutions.
"In Johannesburg we strongly believe that the city has a strong role in channelling private sector finance into low carbon and sustainable projects. In 2014 Johannesburg became the first C40 city to issue a green bond and last night our innovation was recognised," said Mayor Tau.- SAnews.gov.za
