Climate mitigation, smart cities see influx of finance

Finance is flowing toward climate mitigation projects at record levels, according to a Climate Policy Initiative report. Among recent multilateral investments: the approval of US$800 million from the New Development Bank for renewable energy projects in India and Brazil, and more than US$100 million in financing from the European Investment Bank (EIB) for renewable energy projects and energy efficiency technologies in Brazil. But more must be done under a 1.5°C scenario, especially at the city and subnational level. The EIB announced in October that it will allocate at least 50% of its financing activities to climate action and sustainability projects by 2025, with a significant share going toward implementation at the city level.