At the One Planet Summit in Paris, the Global Covenant of Mayors for Climate & Energy and the World Bank Group, the world’s largest multilateral development bank, announced a new partnership to provide technical and financial assistance to 150 cities across the world undertaking climate action programmes.

The World Bank’s investment of $4.5 billion USD (3.6 billion EUR) will ensure cities battling the increasing threats of climate change have the funding necessary to implement sustainable initiatives and climate resilience programmes.

The partnership will help countries leverage the private sector by developing bankable business plans, structuring public‐private partnerships to achieve private sector investment, monetising increases in land values, and designing and implementing credit enhancement mechanisms to allow commercial financing for cities.

The partnership brings together the largest global alliance of cities committed to tackling climate change with the world’s leading development institution to design and structure climate resilient investments and to catalyse new sources of capital to finance them in cities across the globe.

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