INSUBCONTINENT EXCLUSIVE:
The cities of Rio de Janeiro, Buenos Aires, and Ahmedabad have joined forces to support municipalities worldwide in their efforts to tackle
climate change.Backed by the C40 and UCLG, these cities have formed a working group that aims to provide financial resources for climate
change resilience and mitigation.Their ultimate goal is to develop recommendations for the G20 Summit in Rio in November 2024, where the
Ahmedabad.Representatives from Rio, including Lucas Padilha and Pedro Spadale, highlighted the need for significant progress in climate
of long-term financing instruments with low interest rates.The working group of Rio, Buenos Aires, and Ahmedabad will collaborate with the
Global Commission for Urban SDG Finance to reform the financial system.They aim to ensure direct investments and access to international
financial resources, which are crucial for cities to achieve their climate goals.The focus will be on formulating solutions and
recommendations for multilateral development banks to enhance availability and access to climate financing for cities.By obtaining financial
support, cities can overcome challenges in implementing climate projects
Multilateral development banks are vital in expanding support for urban climate investments by providing grants, blended financing, and
guarantees.This assistance helps reduce bank lending costs, improve access to favorable loans, and attract resources from the private
sector.The U20 aims to convey pleas to the G20 heads of state and government, primarily regarding climate financing.With cities responsible
for over 70% of global greenhouse gas emissions, the goal is to significantly increase financial resources for cities to address the climate
