World’s Major Cities to Invest 375 bln USD to Combat Climate Change

Mexico, December 2- The world’s major cities will invest some 375 billion U.S. dollars in the next four years to combat climate change, prominent mayors said Thursday.

At the 2016 C40 Mayors Summit being held here, Paris Mayor Anne Hidalgo and Rio Mayor Roberto Paes said that given the huge sum, international organizations and the private sector need to work together.

Most of that money needs to be spent on switching from fossil fuels to electric mass and clean energy sources, such as solar and wind.

“Cities need help. We are very committed to these challenges, but we need help,” Hidalgo told reporters.

Cities are looking to comply with the targets set by the Paris Agreement reached in December 2015.

The Rio mayor said some of that money has already been earmarked by cities to fight climate change.

“When we say 375 billion dollars, it is not necessarily new funding. Cities have already been investing for countering global warming,” Paes said.

The 2016 C40 Mayors Summit, scheduled for Wednesday-Friday, has brought together mayors and other officials from 90 cities, as well as industry leaders.

(Originally posted by news.xinhuanet.com)

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