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 Buenos Aires, Argentina, 21 October 2022—Climate change is one of the greatest development challenges of our time: left unchecked, it could push an additional 132 million people into poverty over the next decade. Recognizing the need to take faster, fairer, and more ambitious inclusive climate action now, the International Finance Corporation (IFC) and the global network of mayors C40 are joining efforts to support cities—which account for more than 60 percent of global greenhouse gas emissions and consume two-thirds of the world's energy—in building green investment pipelines. In the context of the C40 World Mayors Summit, which takes place this week in Buenos Aires, the parties signed a memorandum of understanding (MoU) to actively collaborate in projects involving C40's Climate Action Plan (CAP) development tools and IFC's Advanced Practices for Environmental Excellence in Cities (APEX) software. APEX is an innovation of IFC, that helps municipalities identify and prepare investments in green solutions in four key areas—energy, water, waste, and public transport. APEX harnesses data insights from advanced green practices around the world and cities' CAP to create tailored solutions for cities. "Through this partnership, IFC will be better positioned to help cities attract private capital to finance their priority climate-smart infrastructure projects. IFC is committed to mobilizing commercial financing for priority sub-national projects, connecting cities with capital markets, and helping them improve their creditworthiness," said Manuel Reyes-Retana, Regional Director for Latin America and the Caribbean at IFC. "C40 cities around the world have been developing ambitious, equitable climate action plans to establish a clear pathway to collectively halve emissions by 2030. But significant work is needed to turn them into investment plans. We are excited to partner with IFC to develop a pipeline of projects in Latin America," said Andrea Fernandez, Managing Director, Climate Finance, Knowledge and Partnerships, C40 Cities. IFC is currently implementing APEX pilots across the globe, and in many cases, such as Medellin in Colombia, Quezon City in the Philippines, and Lima in Peru, it is building upon the cities' existing C40 climate action plans. C40, a global network of mayors of nearly 100 world-leading cities taking urgent action to confront the climate crisis, is supporting cities in developing climate action plans that have the level of ambition and action needed to play their part in meeting the objectives of the Paris Agreement. Under the agreement, which emphasizes the broader goal to open new avenues for deeper and sustained joint action, IFC and C40 will help cities develop green investment pipelines in additional APEX projects, starting in Latin America with the potential to expand the initiative to other regions. Parties expect this collaboration will help to build a preliminary pipeline of projects above $500 million.
About IFCIFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. IFC's Cities Initiative—which combines investment and advice— forges strategic partnerships with cities around the world to address pressing urban needs with private sector participation. The IFC Cities Initiative helps municipal authorities build climate-resilient and sustainable cities. For more information, visit www.ifc.org, www.ifc.org/infrastructure, and www.ifc.org/cities. About the C40 Cities Climate Leadership Group C40 is a network of nearly 100 mayors of the world's leading cities who are working to deliver the urgent action needed right now to confront the climate crisis and create a future where everyone, everywhere can thrive. Mayors of C40 cities are committed to using a science-based and people-focused approach to help the world limit global heating to 1.5°C and build healthy, equitable and resilient communities. Through a Global Green New Deal, mayors are working alongside a broad coalition of representatives from labour, business, the youth climate movement and civil society to go further and faster than ever before. The current Chair of C40 is Mayor of London Sadiq Khan; and three-term Mayor of New York City Michael R. Bloomberg serves as President of the Board. C40's work is made possible by our three strategic funders: Bloomberg Philanthropies, Children's Investment Fund Foundation (CIFF), and Realdania. To learn more about the work of C40 and our cities, please visit our website, or follow us on Twitter, Instagram, Facebook and LinkedIn.
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