COP29: How Much (or Little) Climate Finance Focuses on the Urban Poor?

Cities Alliance hosts the panel discussion 'How Much (or Little) Climate Finance Focuses on the Urban Poor?' at COP29 - Swedish pavilion, 13:00 - 13:40 (Baku time UTC+4)

This event at COP29 will launch 'Climate Finance for the Urban Poor: A Review of the Global Climate Funds', a new report from Cities Alliance that reveals a stark reality: only 3.5 per cent of  global climate finance is directed at projects focused on urban poverty. This amounts to just USD 1.2 billion of over USD 33 billion approved for climate mitigation and adaptation projects globally.

The report highlights the critical funding gap and calls for urgent action to increase climate finance for the urban poor.

The urban poor are among the most vulnerable to climate change, often living in high-risk areas prone to disasters such as flooding, heatwaves, and resource scarcity. Yet, despite their vulnerability, they are also crucial agents of transformative change. Local communities, especially in informal settlements, hold valuable knowledge and innovative solutions that can contribute significantly to climate resilience. However, without adequate climate finance, local and global climate goals remain out of reach, underscoring the need for enhanced cooperation and financial support that focuses on these communities.

This event will discuss the findings from the new publication and explore the challenges the urban poor face in accessing climate finance. It will also highlight the effectiveness of locally-led climate action in addressing poverty and how we can catalyse more finance for these critical populations.

Only 3.5%  of all funding from global climate funds is dedicated to projects that have both an urban and poverty focus. 

The report analysed projects funded by 22 global climate funds, assessing how much has been allocated to urban poverty-focused initiatives. The analysis includes a breakdown of regional distribution, project sizes, focus areas, and implementing partners.

 It also features an in-depth look at two projects that centre on the urban poor and informal settlements, providing valuable lessons on how to effectively finance climate action in these communities. 

The publication concludes with recommendations for donors, governments, and researchers on how to increase climate finance to meet the urgent needs of the urban poor, who are vital to building resilience in cities and advancing global climate goals.

The event will bring together representatives from the urban development sector, donor organisations, and civil society to discuss ways to meet the financing needs of the most vulnerable and explore how the urban poor can be both champions for the urban environment and crucial agents of resilience. 

Keynote: Maria Fernanda Espinosa, President of Cities Alliance 

Panel: 

• Nayoka Martinez-Bäckström, First Secretary at the Swedish Embassy in Dhaka. Bangladesh
• Joseph Kimani, Executive Director, Slum Dwellers International (SDI)
• Mayor TBC, United Cities and Local Governments (UCLG)
• Maria Fernanda Espinosa, President of Cities Alliance 

Moderator: Julie Greenwalt, Senior Climate Advisor, Cities Alliance

Attend in person: COP29 - Blue zone. Swedish Pavilion, Blue Zone, C17