Climate Summit for Local and Regional Leaders
Financing the Sustainable Transition of Territories
The aim of this collective global enterprise is to advance territorial climate diplomacy by demonstrating the continued "mobilization for action and impact" from local and regional governments and their networks following the First Summit of Local Elected Official in Paris in December 2015.
The Summit will highlight the determination of sub-national and local governments, their openness to engage in dialogue and especially to finance resilient and low-carbon local development policies at national, regional and international levels.
Cities and Regions wish to strengthen cooperation for engineering mechanisms tailored to independently accessing climate finance, to better meet their needs but also to better seize local and regional opportunities.
On this occasion, a first mapping of financing opportunities for global cities and regions will be revealed by the Cities Climate Finance Leadership Alliance (CCFLA), echoing the Call of Marrakech, which will be launched at the end of the Summit.
It will demonstrate the variety and scope of deals, echoing recommendations from its 2015 Report on the State of Sub-National Climate Finance that showed that only 9% of the budget from major development banks was allocated to funding local climate projects and 70% of these flows were allocated to mitigation programs; the financing of climate adaptation is indeed a major challenge for local infrastructure, because based on financial models, they are "not bankable". This constitutes a priority to address for cities and regions from developing and least developed countries that have insufficient mechanism and financial resources to respond to this fundamental need.