C40. Investments for post-Covid reconstruction to finance green recovery, work and health

C40. Investments for post-Covid reconstruction to finance green recovery, work and health

The appeal to governments from the Task Force led by Mayor Sala: "Green solutions are needed to restart"

Milan, October 28 2020 - Investing COVID recovery funds in green solutions would halt climate collapse and enable a much faster economic recovery, according to new research published today by the Global Mayors COVID-19 Recovery Task Force, led by the Mayor of Milan Giuseppe Room.

The Mayors say they are "deeply concerned" by the fact that, to date, only 3-5% of the 12-15 trillion dollars estimated to be allocated internationally for the recovery from the crisis generated by COVID will be allocated to green initiatives. And in a statement released today, they warn of the risk of continuing to support antiquated, polluting economies: a "fossil fuel-based recovery" threatens to accelerate climate collapse, endanger public health, cost lives and sacrifice jobs . “By ignoring the opportunity to deploy rapid green investments, most governments and international institutions will likely lead us towards catastrophic climate change,” they say.

In contrast, a green and equitable recovery, based on the principles of the global Green New Deal, would channel recovery funds into investments such as public transportation, walking and cycling infrastructure, and clean energy. This approach would bring revolutionary economic and health benefits for the world's 100 largest cities and their supply chains. Furthermore, it would finally put us on track to keep global warming below 1,5°C.

A green and fair recovery of this kind would allow us to:

  • Create over 50 million good, sustainable jobs by 2025 in the nearly 100 cities of the C40 network and their supply chains. Over a third more than in a “fossil fuel-based recovery”.
  • Saving lives by reducing air pollution by as much as 29% in cities around the world, compared to a return to the status quo. Such improvements could prevent more than 270.000 premature deaths over the next decade in the nearly 100 cities participating in the C40 network and, by reducing habitat destruction, would make further coronavirus pandemics less likely.
  • Lead to savings of $1,4 billion in healthcare costs from decreased hospitalizations for respiratory and cardiovascular diseases, as well as broader economic benefits of more than $280 billion over the next ten years from avoided premature deaths. This is particularly relevant at a time when healthcare systems and public sector budgets are facing unprecedented pressures.
  • More than halving climate-changing emissions by 2030, putting us on track to keep global climate warming below 1,5°C, as opposed to a return to the status quo, in which climate-changing emissions would continue to grow.

“While we focus on limiting the further spread of the virus and responding to the immediate needs of our communities, we Mayors are also called to provide a long-term vision - commented the Mayor of Milan Giuseppe Sala who chairs the Global Mayors COVID-19 Recovery Task Force -. Our cities need to be projected towards a better future and the results of our Task Force's work provide mayors with a set of tools to address the crisis and strengthen their inclusive climate action. I believe - he added - that the results of research on the benefits of a green stimulus - and on the frightening costs of a lack of green stimulus - are convincing and valuable. They demonstrate why a green and fair recovery is the only recovery possible and what the benefits of sustainable and fair investments are for our citizens. I am sure this will have a powerful domino effect in pursuing a green and just recovery across all our continents."

Recovery times are crucial. By creating projections of the impact of rapid investments that allow for action in the next five years, rather than the next 15 years, the benefit of early investments is clear. An “accelerated green recovery” provides the absolute greatest likelihood of preventing climate collapse and would create many more sustainable jobs and long-term health benefits.

“Today the true test of any government's climate commitment is where it directs funds for recovery and reconstruction following COVID-19,” warn the mayors of the C40 Global Mayors COVID-19 Recovery Task Force in their statement .

The task force reiterated its call for national and local governments, central banks and international financial institutions to join them in promoting a green and equitable recovery from the COVID-19 crisis. Their demands include ending fossil fuel investment and incentives, committing to an equitable and inclusive recovery, protecting public transport, investing in clean energy and in resilient cities that become engines of recovery.

The C40 Mayors also invited all those who share their vision of a green and equitable recovery to join the global Green New Deal coalition of mayors, businesses, unions, investors, young activists and civil society to create the future that we want.

The statement was developed by the C40 Global Mayors Covid-19 Recovery Task Force and signed by Los Angeles Mayor and C40 President Eric Garcetti; by the president of the Task Force and mayor of Milan, Giuseppe Sala; by the mayor of Freetown, Sierra Leone, Yvonne Aki Sawyerr; by the Environment Secretary of Hong Kong, China, KS Wong; by the mayor of Lisbon, Portugal, Fernando Medina; by the mayor of Rotterdam, Netherlands, Ahmed Aboutaleb; by the mayor of Medellín, Colombia, Daniel Quintero Calle; by the mayor of Montreal, Canada, Valérie Plante; by the mayor of New Orleans, USA, LaToya Cantrell; by the mayor of Seattle, USA, Jenny Durkan; by the acting mayor of Seoul, South Korea, Seo Jung-hyup.

The C40 Mayors' Declaration for a Green and Just Recovery (ITA)

C40 Mayors' Statement for a Green and Just Recovery (ENG)

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Updated: 28/10/2020