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Finance Opportunities for Climate Change Solutions
in Cities
Reimund Schwarze, Peter B. Meyer, Anil Markandya et al.
Abstract
Cities cannot fund climate change responses on public funding sources only. Multiple funding
sources are needed to deliver the large infrastructure financing that is essential to low-carbon
development and climate risk management in cities. Estimates of annual cost of climate change
adaptation range between $80-100 billion, of which about 80% will be borne in urbanized areas.
In an important tracking effort the World Economic Forum estimated an average annual need of
almost US$ 5.7 trillion infrastructure investment to achieve the 2°C stabilization target (WEF
2013), and correspondingly more if the world pursues efforts to limit the temperature increase to
1.5 °C above preindustrial levels as agreed in Paris last year. In the face of these challenges it
is clear that public funding mechanisms will be completely inadequate - even with stepped-up
contributions to the Green Climate Fund. Cities therefore must tap into a full spectrum of
opportunities to raise money for climate action. This background paper shows how municipality
governments could raise climate finance from various public and private finance sources and
gives best practice examples on how this could be invested in programs and projects. The
background paper is taken from the 2nd Assessment Report Climate Change in Cities (ARC3.2)
of the Urban Climate Change Research Network (UCCRN) which is set to be released at
Habitat III in Quito, Ecuador in October 2016.
Resilient Cities 2016 Background Paper
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completeness or quality of the information made available in this paper.
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Key findings:
Implementing climate change mitigation and adaptation actions in cities can help solve
other city-level development challenges, such as major infrastructure deficits.
Cities cannot fund climate change responses on their own. Multiple funding sources are
needed to deliver the large infrastructure financing that is essential to low-carbon
development and climate risk management in cities.
Enhancing credit worthiness and building the financial capacity of cities are essential to
tapping the full spectrum of resources and raising funds for climate action.
Figure 1: Opportunities of climate finance for municipalities
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completeness or quality of the information made available in this paper.
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1 Domestic Public Finance
Domestic public finance is a key source of finance for climate change activities at the sub-
national level. For municipalities, there are four sources:
1) Local taxes and service charges
2) Transfers from the federal or state governments,
3) Borrowing from domestic financial institutions, and
4) Bond and equity finance from domestic capital markets.
Local Tax, Service Charges and Transfers from the National Government
Revenues from local taxes and service charges are a limited but stable source of finance for
cities. While most countries collect taxes through national systems, local governments often
have the legal authority to collect residual taxes on their own. In practice, there is a tension
between national and local taxes and between different localities for imposing lower taxes to
attract industrial and commercial investment which limit the municipal revenue that can be
achieved. Another relatively limited source of revenue for cities is the collection of service fees.
Cities provide public services such as public transport, waste collection/disposal and a drinking
water supply. These services generate stable, but price-sensitive sources of municipal revenue
that add to local budgets, but are often earmarked for specific use.
Thus, local governments have only limited opportunities to raise discretionary revenues.
Typically, they are financially reliant on national governments. For example, while the highly
decentralized national government in Indonesia has limited influence over urban policy, it
provides a financial incentive through the Specific Allocation Fund (DAK) to encourage urban
investment to reduce air pollution, increase adaptation, improve basic services, or otherwise
contribute to green growth (Indonesia Ministry of Finance, 2014). In addition to transferring part
of their budgets to the local government, in case of the large infrastructure projects (e.g. mass
transit systems), the national governments will take responsibility for undertaking urban
infrastructure development. Even though the national government can manage larger amount of
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public investment than those of municipalities, the national government does not necessarily
invest what’s needed.
In some instances, despite limited resources, national governments compensate local
authorities for the positive environmental spillovers of their spending. Examples include Brazil’s
tax-based Payment for Ecosystem Services and Sweden’s climate investment program (KLIMP)
(Revi et al., 2014).
National and Regional Development Banks
Some countries have their own national development banks. In general, they are established as
publicly owned entities and national governments will be major shareholders, but they collect
funds from the market and/or savings and deposits. National development banks play an
important role as agents for governments to provide long-term finance in line with their policies
(IDFC, 2014). City governments and municipalities may be able to apply to these domestic
public banks for resources under special lines with favorable lender conditions in the field of
climate change mitigation and adaptation (KfW, 2013).
One emerging case of a regional development bank is the New York Green Bank that has been
established as a public-private partnership. It is a state-sponsored specialized financial entity
designed to address gaps in clean energy financing to transform those markets as part of an
integrated strategic statewide energy plan (greenbank.ny.gov). Another example is the UK
Green Investment Bank, founded in 2012 by the government of U.K. to fund leverage private
funds for modern green infrastructure (UKgov.greeninvestmentbank.com).
Local Government Bonds
Depending on the powers granted by the supra-local governments, some cities may be able to
issue local government bonds in domestic and/or international markets. The bond issuer can
earmark the use of proceeds as well as designate the source of funds for repayment, so the tool
can be focused on financing climate change responses. Today, some bonds earmarked for
environmental or climate purposes are being called “Green Bonds” or “Climate Bonds”. In 2013,
the state of Massachusetts initiated this bond form, authorizing the municipal issuance of
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US$ 100 million in green bonds. Gothenburg, Sweden, and Johannesburg, South Africa,
followed, issuing green bonds for SEK 500million (US$79million) and ZAR1.45 billion (US$136
million) respectively. The Green Bond market is growing rapidly and HSBC estimates that green
bond issuance will reach US$ 40 billion by the end of 2014, rising to US$ 100 billion in 2015
(Climate Bond Initiative, 2014).
Sub-national entities are often perceived to be high-risk borrowers, which increases their
borrowing costs. By obtaining formal (public) credit ratings, creditworthy sub-nationals can
increase their lenders’ pool, raise cheaper funds, and borrow without sovereign guarantees.
Shadow, or confidential, ratings allow sub-nationals to identify the issues that need to be
addressed to improve their creditworthiness before obtaining a formal rating. The World Bank
Group’s PPIAF’s Sub-National Technical Assistance (SNTA) program can assist sub-national
entities to prepare for and obtain credit ratings. The SNTA program can also provide technical
assistance to improve the sub-national’s creditworthiness and address weaknesses highlighted
by a rating assessment. Although the possibility of bond issuance as well as borrowing from
financial institutions depends on the national and local regulations for fiscal management of the
municipalities, municipalities should explore this possibility for direct access to finance.
2 International Public Finance
Bilateral and multilateral donors have increasingly focused on providing financing specifically for
climate action and corresponding programs and funds have been established that support
activities in urban areas.
International public funds dedicated to climate change include:
Multilateral Development Banks
Global Environment Facility
Climate Investment Funds
Green Climate Fund
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completeness or quality of the information made available in this paper.
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Least Developed Countries Fund
Special Climate Change Fund
Millennium Development Goal Achievement Fund
Adaptation Fund
Global Facility for Disaster Reduction and Recovery (GFDRR)
Bilateral sources (national donor funding)
Most international donors and funds channel their resources through national governments of
the recipient country (World Bank Group 2011: 81). The Mexico Urban Transport Transformation
Program, for example, is co-financed by a $200 million World Bank loan and by another $200
million loan from the Clean Technology Fund. While these resources will benefit Mexican
municipalities to reduce greenhouse gas emissions in the urban transportation sectors,
participating cities access them through the Banco Nacional de Obras rather than receiving
them directly from the donor institutions (World Bank Group 2010b: 3). Also multilateral grant
finance benefiting cities is usually distributed through or at least in close cooperation with
national governments.
There are several reasons for the central role of national governments in the distribution of
multilateral funding to sub-national actors. Most importantly, the activities of international donors
usually follow agreements negotiated with national governments, for example bilateral contracts
or the World Bank’s Country Assistance Strategies. Furthermore, internationally-funded projects
need to be planned and implemented in a manner consistent with national development plans,
which were likely disclosed to funders before monies were awarded. For lending operations and
guarantee instruments, the role of national governments is even more important as a sovereign
guarantee is usually required for these modalities to be used. If cities want to benefit from
multilateral funding, they will therefore usually have to negotiate access with their national
government.
Nevertheless, under certain conditions donors can deal directly with city governments. In the
case of the Inter-American Development Bank, loans and guarantees can be provided to
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completeness or quality of the information made available in this paper.
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municipalities through the bank’s private sector facility without requiring a sovereign guarantee.
Multilateral sources providing direct access for cities also include the Adaptation Fund and the
Millennium Development Goal Achievement Fund (World Bank Group 2011: 83). Nevertheless,
consistency with country strategies and the non-objection of the national government still are
required. Therefore, even though cities could access multilateral finance directly, these
provisions are rarely used. This is unfortunate since the incentive and capacity to leverage
external funds may be greater at the local than national level.
The limits and barriers to accessing international donor funding imply that most of the funding
needed to tackle the challenges of climate change in cities will have to be mobilized by local
governments themselves, in the best case with support from their national government. As such,
it is crucial that cities mainstream climate change considerations into their sectoral infrastructure
activities. This is especially true as managing climate change can be achieved to a considerable
degree by simply closing the current development gap, especially when it comes to building
resilience (World Bank Group 2011: 1).
3 Private sources of finance
Private Investment in cities´ infrastructure
In some instances, private finance takes the form of actual ownership of, rather than lending for,
needed infrastructure. That is, the private sector may construct or purchase public assets and
operate them, freeing up public sector resources for other investments as the private firms
manage and deliver public services. Private capital has funded water and sewage systems,
transportation systems, telecommunications, and other needed infrastructure for decades
(Smith, 1999; Clive, 2003). Privatization has its costs, in terms of some decline in the level of
public control over prices and quality of services, but its benefits may include making funds
available for public efforts that no private investor would fund itself, such climate adaptation
measures for the most vulnerable urban populations with minimal ability to pay for such
protection (Satterthwaite, Huq, Pelling, Reid and Romero-Lankao, 2007).
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Over the long term, the need for such investments to return profits to their owners will mean that
public services or facilities owned by private firms may generate lower public benefits than those
owned publically, especially after the debts incurred in their construction are paid for (Clive,
2003; Kessides, 2004). But provision of needed infrastructure through private ownership may be
one way for cities to overcome the problems of their limited creditworthiness when pursuing
loans, even from favorably-inclined development banks. As climate risks become more severe
and the need for adaptation measures more acute, the public benefits to be gained from freeing
capital for adaptation investments that would not otherwise be available in urban areas with low
credit status may warrant support for private ownership of assets that traditionally have been
held in public hands but where the private sector is able and willing to provide the services. On
the other hand, such developments may pose problems for public provision, due to concerns
over allocation of associated risks (Ng and Loosemore, 2007).
Pension Funds
The by far largest individual investment pools in the world include public and private pension or
superannuation funds. Pension fund asset at the end of 2012 in the OECD countries alone
totaled over US$78 trillion (OECD, 2013b). Globally, sovereign wealth funds held by national
governments, some of which provide pensions to their citizens with these public assets,
amounted to under US$7.2 trillion in 2014 (SWFI, 2015). With the responsibility of investing to
provide funds for retirees, such funds can be characterized as “patient capital.” That is, they do
not need to show immediate returns to impatient individual investors, but rather need to have
earned returns over a longer horizon, that is, typically decades in the future. At the same time,
they have stringent fiduciary responsibilities and must concern themselves with capital
preservation. Thus, they can only accept innovative opportunities if their risk of loss is
minimized. They may, however, be modernizing their investment criteria (OECD, 1998; OECD,
2008).
To the extent that climate change becomes more acute over time, any investments that
successfully respond to those changes, whether providing adaptation and/or mitigation goods
and services, will increase in value over time. If the goods and services are sufficiently in
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completeness or quality of the information made available in this paper.
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demand today that their provision involves a break-even investment, sector-level losses are
unlikely and future profits could be exceptionally high. City climate action programs that can
meet this threshold condition, therefore, may be able to access the masses of capital controlled
by those pension funds.
4 Market Mechanisms and other innovative finance sources
Clean Development Mechanism (CDM)
The CDM is one of the “flexibility mechanisms” defined under the Kyoto Protocol. Its objective is
to assist developing countries in achieving sustainable development and mitigating greenhouse
gas emissions that cause climate change. In addition, the CDM aims to assist industrialized
countries in achieving compliance with their quantified emission limitation. Despite its great
success, with more than 7,500 CDM projects registered (cdm.unfccc.int) within many countries
and within many sectors, some important emission sources, sectors and countries are still
underrepresented within the CDM. A relatively high number of approved methodologies are
applicable in the urban context and several successes demonstrate that CDM activities are
possible there and should be further developed into SDM activities under the Paris Agreement
past 2020.
Urban areas have usually highest population concentrations, which lead to increased demand
for the energy resources that cause high levels of greenhouse gas emissions. Implementing
sustainability and emission mitigation measures have great potential to be replicated in other
cities and countries and may lead to positive cross effects. Although the CDM instrument with its
ever-changing and evolving nature has its limitations for wider application in mitigating carbon
emission in cities, mitigation measures in cities that are initiated by city councils or municipalities
should cover more than one sector/ technology. UNEP and Gwangju City (2012) demonstrate
that the CDM has evolved in the right direction by introducing the concept of a Programme of
Activities (PoA) that allows for the combination of an unlimited number of emission mitigation
activities under a single umbrella using different methodologies. The World Bank’s city-wide
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completeness or quality of the information made available in this paper.
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approach proposal follows the basic principles of a CDM PoA that is based on a multi-sector
approach (World Bank, 2010). Other innovative approaches include setting aside the funds
saved from increased energy efficiency investments for adaptation or further mitigating
efficiency efforts (Meyer et al, 2013, Revi et al, 2014), or revolving loan pools that replenish
themselves as projects mature and which might be funded through revenue streams from CDM
projects (Puppim de Oliveira, 2009).
City-level emissions trading systems
A city-level emission trading system (ETS) is a mitigation approach to encourage municipalities
and private sectors to foster low-carbon project financing. The Governor of Tokyo, Shintaro
Ishihara, submitted a bill to the Tokyo Metropolitan Assembly in June 2008 that introduced
mandatory targets for reductions in overall greenhouse gas emissions for large-scale emitters
as part of an emissions trading program. The Tokyo Metropolitan Assembly passed the bill, thus
introducing Japan’s first cap-and-trade emissions trading program, which took effect in fiscal
2010. Since then, the Tokyo Metropolitan Government (TMG) developed a cap-and-trade
program that many advanced nations and regions are also moving to implement. TMG’s
program is the first one to be implemented in Japan and Asia. (Tokyo Metropolitan Government,
2010; for more details see the Case Study Docking Station of ARC 3.2).
Land Value Capture
Cities usually own substantial assets that could be managed to facilitate climate change
mitigation and adaptation. One approach, already frequently used for financing transportation
systems, is land value capture. Land value capture, like local taxes, user charges, and licenses,
are local public sources of finance. As Smith and Gihring (2006) describe, transit infrastructure
can be at least partly funded by capturing the increase in the land value of properties close to
transit stations.“ For example, in Hong Kong, the government’s “Rail plus Property” model
captures the uplift in property values along new transit routes, ensuring efficient urban form
while delivering US$940 million in profits in 2009 for the 76% government-owned MTR
Corporation (Rode et al. 2013). Sao Paulo has raised over US$1.2 billion in six years using
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completeness or quality of the information made available in this paper.
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related instruments, and Curitiba is funding the conversion of a highway into a BRT corridor,
complemented by higher-density, mixed-use spaces and green areas – an investment of
US$600 million (Soffiatti 2012, Merk et al. 2012). There are different variations of land value
capture: development impact fees, tax incremental financing, public land leasing and
development right sales, land readjustment programs, connection fees, joint developments, and
cost/benefit-sharing (NCE 2014).
The author(s):
Reimund Schwarze, Peter B. Meyer, Anil Markandya, Shaily Kedia, David Maleki, Maria Victoria Román
de Lara, Sudo Tomonori, Swenja Surminski, Nancy Anderson, Marta Olazabal, Stelios Grafakos, Saliha
Dobardzic
Contact:
Helmholtz-Centre for Environmental Research, Climate Economics (Dept.) reimund.schwarze@ufz.de
https://www.ufz.de/
Bio:
Head of Climate Economics (Department) at the Helmholtz-Center for Environmental Research - UFZ,
Leipzig, Professor for International Environmental Economics at the European-University Viadrina (EUV),
Frankfurt/O., Germany. Topic speaker „Risk analysis and risk management for integrated climate
strategies“ of the Helmholtz Climate Initiative REKLIM (Regional climate change)
http://www.reklim.de/en.html
ICLEI does not accept any kind of liability for the current accuracy, correctness,
completeness or quality of the information made available in this paper.
http://resilient-cities.iclei.org/
Further Reading, References and Contacts
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