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Cities and Regions get smart on financing low carbon technology

Date
21 September 2010
Cities and Regions get smart on financing low carbon technology
On day two of Climate Week NYC, international NGO The Climate Group hosted city and state government and business leaders from across the globe to share their best strategies for financing large-scale deployment of low carbon technologies.
The discussion focused on ‘smart’ information and communications technologies (ICTs) already available that could make our growing urban infrastructure more efficient.  The Climate Group’s 2008 report, SMART 2020, showed that ‘smart’ grids, buildings and transport systems could reduce global emissions by 15% in 2020.
This represents a significant proportion of emissions or energy/carbon intensity reduction targets currently on the table - Europe’s 20-20-20 emissions reduction target, India’s 20-25% emissions intensity target and China’s 40-45% carbon intensity target by 2020.
Dr Han Seung-soo, Former Prime Minister of the Republic of Korea and Chairman, Board of Directors of the Global Green Growth Institute, said in his keynote remarks, “We must unlock our potential to promote technological innovations and behavioral changes aimed at delivering a low-carbon future.  Some remarkable changes are already taking place all over the world. While there is no silver bullet to dealing with the climate challenge, I am heartened to see a broad coalition from all sectors of society striving to achieve green growth within their own respective realms.”
Cities represent large and growing markets for smart technologies – with the global urban population of more than three billion predicted to grow to five billion by 2025, cities are currently responsible for 70% of global emissions.  But cities and regions must find ways of financing rapid large-scale deployment of smart technologies to meet their energy efficiency and renewable energy goals.

The financial community are already recognizing smart technologies as a good investment opportunity...

Continue reading the full press release here.

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