Cities are crucial to economic growth and job creation, with their development impacting global outcomes for years. According to the World Bank's "Banking on Cities" report, making strategic investments now is essential to ensure cities are sustainable and resilient. The report emphasizes that these investments are necessary for essential infrastructure, job creation, and building equitable urban environments.
The report estimates the annual investment needed through 2050 to support resilient and low-carbon urban development in low- and middle-income countries. These investments are described as foundational rather than additional climate costs. They aim to enhance productivity, improve services, reduce fiscal risks, and create local jobs.
Key questions addressed in the report include the amount of investment required, priority sectors for investment, and potential funding sources for this transition. The focus is on making wise, inclusive, and urgent urban investments to unlock significant economic potential in low- and middle-income countries.
The World Bank suggests that with strategic funding, smarter financing, and increased efficiency, cities can pave the way for a sustainable and prosperous future.