
Cities face huge climate finance gap, study says
CITIES are receiving only a fraction of the climate finance they need, especially in low-income countries, according to a study published on the sidelines of the COP28 climate talks. The Cities Climate Finance Leadership Alliance (CCFLA) said cities are on the front line of climate hazards and responsible for three-quarters of global emissions, but multilateral development banks (MDB) needed to adopt new strategies to address a gaping financing gap. Cities were receiving only 1% of the climate finance they required, which is estimated to be as high as $5.4 trillion per year up to 2030, according to the study, the…