Monday
December 10
2018

Emerging Cities Could Collect $29.4 Trillion In ‘Climate Cash’

By Tsvetana Paraskova

The world’s rapidly growing urbanization helps lift global economic growth, but it also generates most of the global energy demand which, at present, is met mostly with fossil fuels.

Cities are responsible for 70 percent of global carbon emissions and are especially vulnerable to climate change.

International organizations have started to warn that limiting global warming won’t be an easy task and the world and its cities need to turn to climate-friendly projects and industries if we were to curb the damages of environmental pollution and climate change.

Cities can lead the way for global actions to mitigate climate change, according to the International Finance Corporation (IFC), a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets.

Photo courtesy of Leander Wattig.

Source: OilPrice.com (link opens in a new window)

Categories
Energy
Tags
climate change, economic development, energy sector, global development, urban development, World Bank