(Adnkronos) - TORONTO, Oct. 27, 2023 /PRNewswire/ -- The world's influential leaders, mayors, ministers, urban visionaries, and forward-thinking academics united in Toronto for a historic event from October 10th to 13th. The 5th Urban Economy Forum (UEF5) and the 59th World Planning Congress (WPC59) converged in an extraordinary joint venture
A major outcome of this global premier gathering on sustainable urban economy was the launch of The Glocal (Global + Local) Platform for Urban Finance (GPUF). This platform is a ground-breaking initiative created to transform the way cities access and utilize financial mechanisms and investment opportunities to address urban challenges and opportunities, ultimately creating more sustainable, resilient, and inclusive urban economies.
The GPUF is a visionary solution that recognizes the pivotal 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 number expected to rise to nearly 70% by 2050, cities have become the engines of growth, innovation, and societal development. However, they also bear the burden of both local and global challenges, from inequalities and poverty to environmental degradation and climate change.
The GPUF is supporting 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 takes places, empowering urban areas to effectively address challenges and maximize 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 through the adoption of innovative solutions for urban finance and specific projects. By enhancing collaboration between key stakeholders, the GPUF will ensure cities have access to the financial tools, knowledge and expertise they require to realize their potential.
While delegates and experts attending the UEF5+WPC59 conference discussed approaches to shaping the future of urban finance, the GPUF compliments this global forum by offering investment opportunities in practical urban developments. Providing a platform for investors and urban developers to come together and collectively explore how improved urban and regional policies and planning can address energy consumption, curb greenhouse gas emissions, and enhance 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 a great appreciation for the innovative perspective that Glocal Platform proposes 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 6th annual forum in October 2024.
Eduardo Lopez Moreno, Co-Director of the World Urban Pavilion and Amir Hossein Kashfi, Managing Director at Aragon Business Advisory Corporation presented their vision for the platform, highlighting the need to find financial solutions and identify investment opportunities to implement transformative actions in cities. Their contributions underlined the critical role of the GPUF can play in connecting data to urban solutions and financial mechanisms to operate long-lasting change.
In a world grappling with rapid, unplanned urbanization and the urgent need to achieve the 2030 Sustainable Development Goals (SDGs), the UEF5+WPC59 conference with the launch of the Glocal Platform for Urban Finance represents a pivotal step toward a world where inclusive and sustainable cities thrive. 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 be held in October 2024 and will focus on financing sustainable tourism and advancing the quality of life.
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