-Revolutionizing the future of cities: Glocal Platform presented at the annual Urban Economy Forum to shape sustainable urban finance around the world
TORONTO, Oct. 27, 2023 /PRNewswire/ — The world’s most influential leaders, mayors, ministers, urban visionaries and forward-thinking academics gathered in Toronto for a historic event from October 10 to 13. The 5th Urban Economy Forum (UEF5) and the 59th World Planning Congress (WPC59) converged in an extraordinary joint initiative between the Urban Economy Forum (UEF) and the International Society of City and Regional Planners (ISOCARP). The stated mission was to address a defining challenge of our era: climate action and urban finance.
An important outcome of this global meeting on sustainable urban economy was the launch of the Glocal (Global Local) Platform for Urban Finance (GPUF). This platform is an innovative initiative created to transform the way cities access and use financial mechanisms and investment opportunities to address urban challenges and opportunities and ultimately create more sustainable, resilient and inclusive urban economies.
The GPUF is a visionary solution that recognizes the critical role of cities in achieving global development agendas and the United Nations Sustainable Development Goals. With more than 55% of the world’s population residing in urban areas and this figure expected to rise to almost 70% by 2050, cities have become engines of growth, innovation and social development. However, they also bear the burden of local and global challenges, from inequalities and poverty to environmental degradation and climate change.
The GPUF supports cities by bridging the gap between global, regional and national financial mechanisms and local needs. Connecting existing financial resources to cities at the level where implementation and action take place, empowering urban areas to effectively address challenges and maximizing opportunities to drive sustainable growth.
The Glocal Platform also provides technical advisory services in support of cities and local development partners to localize global and national agendas by adopting innovative solutions for urban finance and specific projects. By improving collaboration between key stakeholders, the GPUF will ensure that cities have access to the financial tools, knowledge and experience they need to realize their potential.
While delegates and experts attending the UEF5 WPC59 conference discussed approaches to shaping the future of urban finance, the GPUF complements this global forum by offering investment opportunities in practical urban developments. Providing a platform for urban investors and developers to come together and collectively explore how improved urban and regional policies and planning can address energy consumption, curb greenhouse gas emissions and improve the resilience of urban infrastructure to climate change . Underscoring the importance of financial support to drive transformative change in collaboration with national governments, businesses, civil society, professionals and academia. There was great recognition for the innovative perspective proposed by the Glocal Platform to develop innovative financial models for sustainable urban development. The Glocal Platform already has several urban development opportunities available and will present its first year of achievements at the sixth annual forum in October 2024.
Eduardo Lopez Moreno, co-director of the World Urban Pavilion and Amir Hossein Kashfi, administrative director of Aragon Business Advisory Corporation presented their vision of the platform, highlighting the need to find financial solutions and identify investment opportunities to implement transformative actions in cities. Their contributions underscored the critical role GPUF can play in connecting data with urban solutions and financial mechanisms to drive lasting change.
In a world facing rapid and unplanned urbanization and the urgent need to achieve the Sustainable Development Goals (SDGs) 2023, the UEF5 WPC59 conference with the launch of the Glocal Platform for Urban Finance represents a fundamental step towards a world where businesses are inclusive and sustainable and cities prosper. By mobilizing urban resources and fostering innovative financial connections, this initiative will provide the necessary tools for cities to achieve their development goals.
Announced during the closing ceremonies, next year’s 6th Urban Economy Forum will take place in October 2024 and will focus on financing sustainable tourism and improving quality of life.
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Contacto: Alex Venuto, Media Relations, Urban Economy Forum, Alex.venuto@ueforum.org
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