Scaling-up financing for Sustainable Urban Infrastructure – Experiences from the UNECE Region
This side event was held jointly with the Forum of Mayors, a platform for exchange and mutual learning. This side event aimed to support a regional exchange of successful experiences and common challenges. The first panel sought to showcase tangible experiences and approaches to successful urban infrastructure projects in the UNECE region, specifically from the perspective of PPFs. The second panel put together a range of key stakeholders, from city departments, city networks, international organisations and experts to discuss common challenges and opportunities from their own perspectives.
About the event
Investments in urban infrastructure made today will play a key role in limiting the impact of climate change and in the creation of liveable and sustainable cities. Financing well-planned urbanization is an investment in our present and future that enables progress towards achieving the SDGs. In the UNECE region, the urban population is increasing, and many cities are expanding rapidly. Many cities have been unable to develop the required supporting infrastructure to keep pace with sustainable, climate-resilient urban growth. As a result, the potential for urbanisation to unlock further economic development, social progress and sustainability for cities is partially lost. Furthermore, the lack of or underdevelopment of key infrastructure such as sanitation, public transport, and affordable housing, among others, impacts urban residents on an everyday basis.
At present, there is an estimated annual financing gap of USD 1.8 - 2.4 trillion for low-emission and climate-resilient infrastructure globally. Cities are facing common challenges to sustainable urban infrastructure finance, from inadequate enabling environments and policy frameworks, capacity constraints, low creditworthiness etc. Most of the financing gap needs to be filled in urban areas, which is problematic since cities have also been hit hard by COVID-19 and urgently need to deliver key social and economic benefits to recover from the pandemic.
Cities need to accelerate the development of bankable, sustainable infrastructure projects. Going forward, it will be essential to optimise the use of traditional funding sources, as well as non-traditional mechanisms. In this context, Project Preparation Facilities (PPFs), have proven highly successful in mobilizing financing for low-carbon projects from both public and private sources, as well as in delivering social, economic, environmental and governance co-benefits.
The Forum of Mayors is a platform for exchange and mutual learning and this side event aimed to support a regional exchange of successful experiences and common challenges. The first panel sought to showcase tangible experiences and approaches to successful urban infrastructure projects in the UNECE region, specifically from the perspective of PPFs. The second panel put together a range of key stakeholders, from city departments, city networks, international organisations and experts to discuss common challenges and opportunities from their own perspectives
UNECE