The C40, a group of 40 large cities banding together to tackle climate change, has partnered up with the World Bank to combat greenhouse gas emissions.
New York City Mayor Michael R. Bloomberg the C40 Chair and World Bank Group President Robert B. Zoellick signed the agreement at the C40 Cities Mayors Summit in Sao Paulo, Brazil on Wednesday.
The C40 cities include London, New York, Johannesburg, Beijing and Sydney and account for 8 percent of the global population, 12 percent of global greenhouse gas emissions and 21 percent of global GDP.
The two bodies will now work together to make it easier for low carbon projects to get funding.
Mayor Bloomberg said: “The leaders of C40 Cities – the world’s megacities – hold the future in their hands. This unique partnership with the World Bank will help solve many of the problems that cities face in obtaining financing for climate-related projects, both from the World Bank and other lenders. It will also make it easier for C40 cities to access the resources of the World Bank.”
The agreement will standardise how C40 members and the World Bank approach climate change action and the way they measure greenhouse gas emission, which they hope will make investors more willing to fund low carbon city initiatives.