CDIA Joins the Leadership for Urban Climate Investment
August 28, 2022
CDIA has been accepted to join the Leadership for Urban Climate Investment (LUCI), an ambitious global framework that drives urban climate action by 2025.
“We are delighted to have our application to join the LUCI initiative approved,” said Ramon Abracosa, CDIA Program Manager. “We are committed to contribute to the targets set by the alliance and we look forward to collaborating with other LUCI partners in achieving them,” he added.
Cities account for about 75% of the world’s carbon emissions. In Asia and the Pacific, over two billion people are now living in cities and 1.2 billion more are expected to join by 2050. These people will have to cope with climate change, as most cities in the region are highly vulnerable to its impacts.
The Asian Development Bank estimates that a massive $1.7 trillion per year of climate‑adjusted infrastructure investment is needed in developing Asia to sustain its growth, eradicate poverty, and respond to climate change. Clearly, cities need support in pursuing their climate-friendly infrastructure projects at the scale and speed required to meet the demands of rapid urbanization.
Hosted by the Cities Climate Finance Leadership Alliance and launched by the German government, LUCI brings together action-oriented initiatives, such as CDIA, that are committed to remove barriers in preparing and financing climate-resilient urban projects. It elevates and tracks the commitments made by each member, and strengthens their own impact by promoting cooperation, communication, analysis, and exchange.
Together, LUCI members commit to achieve the following measurable and trackable results by 2025:
- Strengthen 2,000 cities in project preparation;
- Develop 1,000 financially viable projects;
- Link 1,000 projects to finance for implementation; and
- Enable 100 urban projects to use innovative financing mechanisms.
“As a project preparation facility, our own targets are fully aligned with LUCI’s targets,” said Ramon. “With support from LUCI, we are sure to provide better value to the cities we serve, at the same time work hand in hand with other partners to help close the climate financing gap in cities,” he added.
On 23 August 2022, CDIA was officially introduced to other members at the “LUCI Link: Promoting Sectoral Collaboration Between LUCI Initiatives,” a workshop that aims to foster practical and project-level collaboration among members. Ramon presented CDIA’s work and its emerging thrust on climate resilience and low-carbon development, noting the challenges and opportunities related to developing bankable projects and attracting climate finance.