The upfront cost of electric buses is higher than traditional diesel and CNG buses, but they present the unique advantage of having significantly lower operation and maintenance costs. In the current economic environment, many cities cannot afford a significant increase in the budget allocated to the renewal of their bus fleets and until now, only cities that have access to government incentives have deployed small numbers of electric buses by relying heavily on subsidies. This model however, is not scalable to 1000+ vehicles nor replicable to cities that don’t have access to similar support.
Urban citizens account for over half of the world's population. Analysis for the C40 Climate Leadership Group shows that by mid-century, climate change will likely pose an existential threat to some of the world’s greatest cities. The need to finance sustainable urban infrastructure in response to this threat is undeniably a defining global challenge of our time. Both the capital and innovative projects exist; now more than ever, all sectors need to play their part in bringing them together.
As part of the Financing Sustainable Cities Initiative (FSCI), a partnership between WRI Ross Center for Sustainable Cities and C40, funded by the Citi Foundation, C40 hosted its first Clean Energy Finance Academy from March 7-9, 2018 in Vancouver. The Academy brought together nine city representatives and technical experts to discuss innovative financial mechanisms and business models for implementing solar PV projects. The Academy helped launch a series of new peer-to-peer and technical expert collaborations to increase solar PV adoption in C40 Cities.
In the face of sustainability challenges such as pollution, congestion, and inequality, the urban community proves resourceful in coming up with new and creative solutions. In an effort to provide a platform for cities/local governments to share and exchange their innovative experience – and ultimately to improve sustainability in the urban realm – United Cities and Local Governments (UCLG), World Association of Major Metropolises, and City of Guangzhou established the Guangzhou International Award for Urban Innovation, or Guangzhou Award.