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C40 Mayors Summit finds financing help from World Bank in adapting to climate change

02 Jun 2011  |   Emma Brown

Tags: Climate Change

On Wednesday, the World Bank and members of the C40 Mayors Summit representing the 40 largest cities in the world finalized a memorandum of understanding that will allow individual cities to move forward on efforts to reduce carbon emissions and combat the effects of climate change. The memorandum formalizes an agreement by World Bank president Robert Zoellick to simplify access for cities to as much as $6.4 billion in funding to put towards emissions reduction efforts. 

"Cities are also paying big price of climate change," said Zoellick. "The memo of understanding between the World Bank and C40 is a window of access for cities . . . [and gives them] more access to develop strategies, mitigation, technical assistance."

The group of 40 cities—which includes New York, Paris, Berlin, and Mexico City—account for as much as 12% of the world’s greenhouse gas emissions.

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