LONDON, October 4, 2016 /PRNewswire/ --
From Athens to Abuja, Stockholm to São Paulo, cities around the world are self-disclosing through non-profit CDP that the emergence of the low-carbon economy presents significant economic opportunity to collaborate with business, develop new industry sectors and build resilience.
This year 533 cities disclosed climate-related data through CDP, formerly the Carbon Disclosure Project, including 126 cities from across 32 countries in Europe. The vast majority of cities identified over 1,000 economic opportunities linked to climate change, including 299 cities who are developing new business industries, such as clean tech.
London, UK, reports that the low-carbon market is worth at least US$33 billion to the city's economy, and is among the cities seeking to grow new industries. Similarly, Cardiff, Copenhagen, Dublin, Hamburg, Madrid, Milan, Nice, Paris, Rotterdam, Stockholm and Venice all said they are looking to drive green growth by developing new industries linked to climate change.
The findings feature in It takes a city: The case for collaborative climate action, a new report published by CDP and AECOM, and sponsored by Bloomberg Philanthropies. The report examines the business case for cities to collaborate with the private sector on addressing climate change.
The Mayor of Stockholm, Karin Wanngård, whose city plans to be entirely fossil fuel-free by 2040, says: "Stockholm will not be able to meet these objectives on our own - and collaboration is at the center of our climate change strategy."
This year's disclosures also show European cities are leading the way when it comes to climate mitigation: 57% of European cities reported an emissions reduction target, the highest proportion globally, and far above the overall global proportion of 35%. In addition, many European cities have made commitments through the Global Covenant of Mayors for Energy & Climate, the largest global coalition of cities on climate.
However the report also shows that cities in other regions, in particular in North America, were more likely to be collaborating with business, developing new industries and seeking private sector partnerships than European cities.
Maia Kutner, head of cities at CDP, says: "Our report shows that cities do not need to go it alone when it comes to responding to climate change. They are recognizing there is power in numbers, which is why so many came together to form the Global Covenant of Mayors for Climate and Energy this June.
By partnering with the private sector, cities can not only spur the growth of new markets, they can deliver even greater emissions reductions. Tackling climate change is an enormous business opportunity. The time has come for cities to seize it."
CDP, formerly Carbon Disclosure Project, is an international, not-for-profit organization providing the global system for companies, cities, states and regions to measure, disclose, manage and share vital environmental information.
Since 2008, CDP has worked with cities to enable the annual reporting of investment-grade climate change data. Hundreds of cities now use CDP's platform every year to report on their mitigation and adaptation climate actions and better manage their climate change strategies. CDP serves as the official reporting partner of C40 Cities Climate Leadership Group and an official reporting platform for the UN-backed Compact of Mayors, which was relaunched as the Global Covenant of Mayors for Climate & Energy on 22 June 2016. CDP's work on city disclosure is supported by Bloomberg Philanthropies. Please visit http://www.cdp.net or follow us @CDP to find out more.
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