Global Cities Disclose US$146 Billion in Climate Infrastructure Projects Seeking Finance

A total of 636 cities across 86 countries disclosed 2,346 climate infrastructure projects valued at US$146 billion in 2023, with US$65 billion in investment being actively sought through CDP-ICLEI Track. The pipeline — a 52% increase from 2021 — represents a significant but still incomplete view of urban climate finance needs, as cities require up to US$5.4 trillion annually to meet 1.5°C targets.

Buildings and energy efficiency leads the disclosed project pipeline with 482 projects worth US$34 billion, followed by transport (359 projects, US$31 billion), waste management (300 projects, US$8 billion) and water management (273 projects, US$30 billion). Nearly half of all projects are in early stages of development and require technical assistance to advance toward investment readiness. Around 40% of projects have cost estimates below US$500,000 and are largely reported by small and medium-sized cities, highlighting the need for financial aggregation mechanisms backed by national governments.

Global South cities account for nearly 45% of reported projects but only 21% of total project costs, reflecting a wider gap between disclosed and actual financing needs. The United Nations estimates that Global South countries — excluding China — will require over US$2 trillion annually by 2030 to meet sustainable development and climate goals. Despite accounting for 28% of total investment sought, Global South cities in Africa and Latin America have the highest proportions of projects with no funding secured and seeking full or partial funding — 58% compared to 36% for Global North cities.

Cities in Asia Pacific, where 4.7 billion people are exposed to intensifying climate hazards, disclosed 267 projects across 99 cities in 2023. India's megacities and coastal urban centres are particularly exposed to the risks quantified in CDP's data. Only 41% of projects identified a financing model, with just 3% seeking exclusively private finance — underscoring the scale of public finance dependence and the need for innovative blended finance mechanisms including bonds, special purpose vehicles, public-private partnerships and carbon markets to close the sustainable infrastructure investment gap.

Key figure — US$146 billion in climate infrastructure projects disclosed by 636 cities in 2023