Going Urban for Sustainable Cities: GEF at ICLEI World Congress
Financing for cities is critical to the GEF. First, the world is rapidly urbanizing: by 2050, cities will be home to two-thirds of the world's population. Most of this urban migration will take place in developing countries, to cities that are largely unbuilt or unfinished. OECD and IEA estimate that US$50 trillion in investment is required over the next 15 years to deliver basic urban infrastructure and services, such as transport, energy efficient buildings, telecommunications, and water and waste infrastructure. Secondly, as Naoko Ishii said, "cities in many ways hold the key to the future of our globe and humanity. If we can get our cities right, we can also make a major contribution to sustainable development."