£1.3 billion is set to be provided to cities to accelerate the application of the Paris Agreement.
Three initiatives have been pledged by the Global Covenant of Mayors for Climate and Energy who will work with the C40 Cities Climate Leadership Group and ICLEI to accelerate the uptake of green investments and policies.
The view is to improve renewables, energy efficiency, waste management and electric vehicle technology alongside national governments and business sectors globally.
Calls have been made to try and better integrate local authorities with national emission and climate plans.
This has particular importance in Latin America where fragile and historic urban centres are being targeted in future zero-emissions plans.
Partnerships with the European Investment Bank (EIB) and European Bank for Reconstruction and Development (EBRD) have been set up to enable more cities to finance and implement their own climate programmes.
An initial fund of £440 million will be provided by the EBRD, with plans for over £1.3 billion to be provided for up to 60 cities to complete critical climate actions.
Board Member of the Global Covenant of Mayors for Climate and Energy, Mauricio Rodas stated: “The battle against climate change cannot be won without cities and their contributions must be more prominently acknowledged, financed and integrated into national and global decision making.”