In the face of climate change, more than a third of the world's cities are facing "imminent" or "severe" threats, Bloomberg reports.
According to the Intergovernmental Panel on Climate Change, cities are responsible for 75% of global carbon emissions and are expected to house 70% of the world's population by 2050.
"This alarming scenario demands substantial financial investments to mitigate and adapt to climate change's impending impacts," Bloomberg quotes a report from the World Resources Institute as saying.
According to the Intergovernmental Panel on Climate Change, there is a need for an estimated $29.4 trillion globally by 2030 to fund climate-related projects.
The Intergovernmental Panel on Climate Change estimates that cities need to reduce carbon emissions by 25% from 1990 levels by 2030 to have a chance of keeping the global temperature from rising 3.6 degrees over pre-industrial levels.
In order to do that, Bloomberg reports cities need to invest in renewable energy, infrastructure, and adaption to climate change.
According to the Intergovernmental Panel on Climate Change, cities need to invest in "smart" transportation systems, better water management, and more.
In order to reduce carbon emissions by 25% from 2005 levels by 2030, cities need to invest in "smart" buildings, smarter transportation systems, and more.
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