Unlocking the Potential of Cities: Financing Sustainable Urban Development

Cities are the engine of national economic development and global development, potential of Cities. Cities contribute to more than 80 percent of global GDP. Cities are also a source of some global problems. Cities are the biggest source of pollution in the world. Cities contribute to about 75 percent of global CO2 emissions, with transport and buildings being among the largest contributors. The top largest 25 cities accounted for 52% of the total urban greenhouse gas emissions. Cities bear the largest responsibilities to fight climate change and to implement sustainable development goals.The 2030 Agenda, the New Urban Agenda, the Addis Ababa Action Agenda on Financing for Development and the Paris Agreement on Climate Change set transformative roadmaps towards sustainable development. Cities are at the fore front to implement the Sustainable Development Goals, and to fight climate change. The New Urban Agenda calls for central governments and local governments to strengthen finance for sustainable urban development, and treat urban economy and urban finance as a cornerstone to sustainable urban development financing