I am pleased to be with you.

Climate change is the defining challenge of our time. 

That is why world leaders have gathered here in Paris in unprecedented numbers.

Governments are taking action to curb emissions and strengthen climate resilience because it is in their best interest.

The same is true for all levels of government.

The global response to the climate challenge must also include robust action by cities.

The Intergovernmental Panel on Climate Change estimates that urban areas are responsible for more than half of global greenhouse-gas emissions and at least 70 per cent of energy-related emissions.

Many are also highly vulnerable to the growing impacts of climate change.

During the Climate Summit at the United Nations last year, a coalition of cities, banks, national governments and civil society organizations launched the Cities Climate Finance Leadership Alliance.

Their aim was to maximize investment in climate-smart infrastructure in urban areas over the next fifteen years.

Today, Alliance members are launching the first “State of City Climate Finance” report.

Climate-smart infrastructure is essential for creating a safer, better future for growing urban populations around the world.

This report is a launch pad for new, innovative financing to deliver true transformation in how
our cities are planned and built.

I commend all the Alliance members for their efforts.

The report provides important insights into the challenges that cities face in financing climate action.

And it presents a number of solutions for mobilizing investment to accelerate action on climate change.

First, it recommends that national governments adopt policies and incentives that encourage cities to invest in low-emission and climate-resilient infrastructure.

Second, it urges cities to adopt frameworks that put a price on carbon, such as cap-and-trade mechanisms or traffic congestion charges.

Third, it recommends strengthening banks and institutions that will support cities to develop climate-related projects.

Finally, the report calls for creating an innovation network for new financial instruments and funding models.

I hope that, as of today, the world takes on the recommendations of this report.

Looking forward, I count on the Alliance to help translate these recommendations into reality to mobilize the climate financing cities so urgently need.

We have no time to lose.

There is no plan B.

I hope the Alliance maintains this groundbreaking work and continues to grow in influence.

I commend the Alliance for its leadership and commitment. 

Thank you.