Cities need to spend $375 billion (£300.95bn) over the next four years to hit the Paris Agreement’s goals.
That’s according to a new report from the C40 Cities Climate Leadership Group, a global network of urban authorities committed to tackling climate change.
The report highlights the scale of global opportunities in sustainable urban infrastructure – cities have only reported costs for 15% of projects but even this amounts to $15.5 billion (£12.44bn) in required investment.
There are more than 3,000 green infrastructure projects being planned across the world’s largest cities.
The report stresses the need for the private sector to invest in these green projects and help accelerate progress towards a “climate safe future”.
It suggests cities must rapidly improve project development information to attract finance.
C40 aims to work with CDP and various other partners to improve the flow of project data from cities and share this information to become a valuable resource for cities and investors alike.
Last year London Mayor Sadiq Khan joined leaders from 30 cities to call on governments to take urgent action to tackle climate change.