This month, leaders from the global financial sector gathered in Washington, DC for the Spring Meeting of the International Monetary Fund (IMF) and the World Bank Group (WBG) on 16-22 April to discuss issues of global concern. Among the many topics on the agenda was climate finance and how the financial community can support the goals of the Paris Agreement.

Now is a critically important moment for this conversation. By 2020 we need to be bending the curve of emissions – a line that has been heading upwards for 100 years – into a downward stretch that will help close the door to maximum temperature rises. This will allow us to stay within the manageable limits of temperature rise of well below two degrees Celsius over pre-industrial levels. To achieve this, we – individuals, companies, investors, and local and regional governments – can and must all raise our ambition in tandem with our nation states, who will come back to the table to strengthen their Nationally Determined Contributions (NDCs) under the Paris Agreement before 2020.

Cities and towns are key to unlocking this potential for increased climate action and everyone benefits when their needs and contributions are integrated into national and global decision-making. After all, it’s in local communities around the world where green projects are being implemented: public transit, e-mobility and bike sharing infrastructure, energy-efficient buildings, clean energy, waste management and flood walls, to name a few.

Decarbonising cities and making them climate resilient depends on significant financial investment. The 2016 New Climate Economy Report estimates that $90 trillion will need to be invested in infrastructure over the next 15 years. (...)