A new initiative to help boost finance for climate action in developing countries has been announced.
The UN and World Bank are joining forces for the Invest4Climate platform to bring together national governments, financial institutions, private sector investors, philanthropies and multilateral banks.
The project will link up investors with high impact opportunities such as large scale development of battery storage, electric vehicles and low emission air conditioning projects.
Michael R. Bloomberg, UN Special Envoy for Cities and Climate Change said: “Cities are leading the way in confronting climate change and they would be doing even more, even faster, if they had greater access to funding.
“This is a big challenge that we can start to address with practical steps, like helping cities improve their credit rating, measure their funding needs and connect specific projects with lenders.”
The first Invest4Climate initiatives are expected to be announced in December.