为城市转型融资

WJRLD

ECCNOMIC

FORUM

Incollaboration

withOliverWyman

NaturePositive:

FinancingtheTransitioninCities

INSIGHTREPORTJANUARY2025

Cover:1-PactEdition.Images:GettyImages

Contents

AbouttheNaturePositiveTransitionsseries3

Foreword4

Executivesummary5

1

Globalurbanizationandthenatureopportunityforcities6

1.1Protectingandrestoringnatureinarapidlyurbanizingworld7

1.2Aligningonadefinitionfornaturefinance8

2

Naturefinanceinurbandevelopment10

2.1Makingspacefornatureinurbandevelopmentfinance11

2.2Naturemainstreamingincities12

2.3Nature-positivefinanceincities14

2.4Overcomingfundinggaps15

3

Shapingnaturefinanceincities:aspotlightonMDBs16

3.1TherelationshipbetweenMDBs,urbandevelopmentandnature17

3.2CarvingspaceforcitiesandnatureinMDBreforms17

3.3StateofMDBurbannaturefinance18

3.4MDBs’progressinmainstreamingnature21

3.5Streamliningassessmentprocessesandevaluationframeworksfor“naturepositive”22

3.6Majorfundingmechanismsandtheopportunitytofurthermainstreamnature23

3.7Increasingnaturefinanceincities25

4

Challengeswithnaturefinanceincities26

4.1Limitationstonaturefinanceincities27

4.2Limitationsincities’enablingenvironment27

4.3Emerginginitiativesandprogress30

5

Addressingthelimitationsofnaturefinance32

5.1Strengtheningregionalandlocalgovernmentawarenessandcapability33

5.2Assessingopportunitiestomainstreamnaturewithinexistingprocessesandpolicies34

5.3AdoptingastructuredcollaborationmechanismthroughwhichMDBscaneasily

engagewithcitygovernments35

5.4UsingMDBcreditworthinessprogrammes,guaranteesandpartnershipswithcredit

ratingagencies36

5.5Usingnon-sovereign-backedloans37

5.6Usingblendedfinanceandpartnershipswiththeprivatesector37

Conclusion38

Appendix39

Contributors41

Endnotes44

Disclaimer

ThisdocumentispublishedbytheWorldEconomicForumasacontributiontoaproject,insight

areaorinteraction.Thefindings,interpretationsandconclusionsexpressedhereinarearesult

ofacollaborativeprocessfacilitatedandendorsedbytheWorldEconomicForumbutwhose

resultsdonotnecessarilyrepresenttheviewsoftheWorldEconomicForum,northeentiretyofitsMembers,Partnersorotherstakeholders.

©2025WorldEconomicForum.Allrightsreserved.Nopartofthispublicationmaybe

reproducedortransmittedinanyformorbyanymeans,includingphotocopyingandrecording,orbyanyinformationstorageandretrievalsystem.

Aboutthe

NaturePositive

Transitionsseries

NaturePositive:FinancingtheTransitioninCities

ispublishedbytheWorldEconomicForumin

collaborationwithOliverWyman.Itispartofthe

Forum’sbroaderNaturePositiveTransitions

series,whichoutlinesthedifferentpathwaysto

haltandreversenaturelossby2030–themissionattheheartoftheKunming-MontrealGlobal

BiodiversityFrameworkfromtheUnitedNationsbiodiversitysummitin2022,knownasCOP15.

Thereportsintheserieslookatbothindustrial

sectortransitionsandcitytransitions.Theyhighlighttherelevanceofnature-relatedrisks,identifythe

impactsanddependenciesoftheeconomyand

societyonnatureandprovideguidelinesforcityandbusinessleadersonkeyactionstoacceleratethe

nature-positivetransition.

TheNaturePositiveTransitionsseriesbuildsonthe

NewNatureEconomyReportSeries

.

Formoreinformation,pleasevisit:

–

Nature-PositiveCities

–

SectorTransitionstoNaturePositive

Sectorreports:

NaturePositive:RoleoftheCement7

andConcreteSector

Citiesreports:

NaturePositive:GuidelinesfortheTransition7

inCities

NaturePositive:RoleoftheMining7

andMetalsSector

NaturePositive:Cities’EffortstoAdvance7

theTransition–Durban

Financereports:

FinancingtheNature-PositiveTransition:7

UnderstandingtheRoleofBanks,

InvestorsandInsurers

NaturePositive:RoleoftheOffshore7

WindSector

NaturePositive:RoleofthePortSector7

NaturePositive:RoleoftheAutomotive7

SectorChinaDeep-dive

NaturePositive:RoleoftheHousehold7

andPersonalCareProductsSector

NaturePositive:RoleoftheChemical7

Sector

NaturePositive:Leaders’Insightsforthe7

TransitioninCities

NaturePositive:FinancingtheTransition7

inCities

NaturePositive:FinancingtheTransitioninCities3

January2025

NaturePositive:

FinancingtheTransitioninCities

Foreword

JeremyJurgens

ManagingDirector,

WorldEconomicForum

Westandatthecrossroadsofunprecedented

urbangrowthandenvironmentalchallenges,andtheneedforinnovativesolutionshasnever

beenmorepressing.Mobilizingnewfinancial

opportunitiesforsustainableurbandevelopmentisessential,particularlyasashifttowardsa

nature-positivefuturebecomescentraltoallcities’continuedviability.

Citiesaretheenginesofglobaleconomicgrowth,yettheyfacemountingpressuresfrompopulationrates,climatechangeandbiodiversityloss.Theintegrationofnature-basedsolutionsinto

urbanplanningisnotjustanoption–itisan

imperativeforfosteringresilience,enhancing

publichealth,andensuringthewell-beingoffuturegenerations.Thisreportservesasaclarioncall

tostakeholdersacrosssectors–governments,financialinstitutions,privateenterprises,andcivilsociety–torecognizetheimmensepotentialofinvestinginurbannature.

NickStuder

CEOandPresident,OliverWyman

Whiletheagendaforurbannaturefinanceisstillinitsinfancy,thebenefitsareclearandcompelling.

Byillustratingsuccessfulpracticesandhighlightingtheeconomic,socialandenvironmentalreturnsoninvestment,wecanpavethewayforatransformativeshiftinhowcitiesapproachdevelopment.This

reportaimstoprovideacomprehensiveoverviewoftheopportunitiesthatlieahead,encouraging

stakeholderstoembraceacollaborativeapproachtofinancingnature-positiveinitiatives.

Asweanticipateafuturewherenatureisseamlesslyintegratedintourbangovernance,itiscrucialto

createarobustfinancialecosystemforsustainableurbanizationbymobilizingresourcesandfosteringpublic-privatepartnerships.Together,wecanturnthisnascentagendaintoacornerstoneofurbandevelopment,ensuringthatourcitiesthrivein

harmonywithnature.

Letthisreportbethecatalystforchange,inspiringactionandcommitmentfromallcornersofsociety.

NaturePositive:FinancingtheTransitioninCities4

Executivesummary

Naturefinanceisano-regretsolutionto

mountingpressuresincitiessuchasageing

infrastructure,watersecurityandhumanhealth.

Asthetrendtowardsurbanizationincreases

throughouttheglobaleconomy,population

growthisstrainingoutdatedurbaninfrastructureandresourcesareevermorelimited.

Citiesaretheworld’seconomichubs,contributing80%ofglobalgrossdomesticproduct(GDP).1Yetclosetohalf(44%)ofthatcontributionisatrisk

duetonatureloss.Thisglobaleconomicthreat

underscoresthesignificanceofsafeguardingcitiesandtheirinhabitantsfromnature-relatedrisks

throughpreservingandenhancingbiodiversityandnaturalecosystems.

Atpresent,amere0.3%ofglobalurban

infrastructurespendisallocatedtonature-basedsolutionsandonaveragelessthan10%oftotal

approvedprojectexpenditurefrommultilateral

developmentbanks(MDBs)between2018and

2023wasdirectedtowardsurbannatureprojects.Urbannaturespendhasdecreasedbetween2018and2023,andonly37%oftheworld’s500mostpopulouscitieshavespecificstrategiesinplacetosustainablymanageandprotectnature.

Thelackofinvestmentinnaturefailstoreflect

thevaluesthatnatureprovidestooursociety.

Natureofferscriticalservicesandphysicaloutputssuchascleanair,water,climateregulationand

biodiversity,aswellcultural,recreationaland

emotionalinteractionsthataredirectlyorindirectlyimportantforhumanhealth,well-beingand

economicstability.

Increasingthevolumeofinvestmentinnature

iscrucial,butitisnotenoughifinvestments

inenvironmentallyharmfulpracticesarenot

concurrentlyaddressed.Closeto$7trillionis

investedgloballyeachyearinactivitiesthathaveadirectnegativeimpactonnaturefrombothpublicandprivatesectorsources.Withoutredressing

thistrend,citiesrisklosingoutonthelong-termenvironmental,socialandeconomicadvantagesthatnaturecanprovide.Thereisasignificant

opportunitytoexpandnature-positiveaction

beyondfinancingmodelssuchasgreenbonds,

andexplorenewopportunitiestotransformandmakeuseofcommonsourcesofcapital.Thisapproachoffersawaytodrivemoresustainableinvestmentsinbiodiversityandcreatelasting

nature-positivefinancialstructurestosupportconservationeffortsincitiesglobally.

Ascitiescontinuetoinvestinlocaldevelopment,theymustsimultaneouslyintegratenatureinto

urbangovernancepoliciesanddirectlyinvestinecosystemconservationtoensureresilienturbanenvironments.Thiscanbeachievedthrough:

Naturemainstreaming:integratinga

naturelensintoallfinancialflowsandurbaninvestmentdecisionstoensurethatprojectspromotesustainabilityandresilience,ratherthancompromisingthem.

Nature-positivefinance:identifyingandexpandingnewfinancialopportunitiesfornatureconservation,mobilizingadditionalresourcesanddiversifyingfundingsourcestocomplementexistingpublic-sector-

dominatedfinancialflowsfornature.

Atpresent,citiesaredependentonpublicsourcesformostnaturefinancing.Currentbiodiversity

financialflowsamountto$208billionperyear,up

from$166billionin2021.Publicfinancecontributes83%ofthistotal($173billion).Privatefinance

accountsfor$35billion.Thereisanundeniable

opportunityforcitiestousedevelopmentfinanceasacatalystforgreaterprivatesectorparticipationinurbandevelopmentpriorities.

Thisreportaimstoadvancethediscourseonurbannaturefinancetoovercomecriticalchallenges

facedbycitiesandpromotesustainablecity

developmentdrivenbycommittedandwell-definedmultistakeholderaction.Itservesasacalltoactionforcityleaders,financialinstitutionsandbusinessestoembracethetransformativepotentialofurban

naturefinanceforasustainablefuture.Investinginnaturemeansinvestingincitiesthatarelivable,sustainableandadaptabletofuturechallenges.

NaturePositive:FinancingtheTransitioninCities5

1

Globalurbanizationandthenature

opportunityforcities

Asinvestmentinnaturegrows,globalbodiesshouldalignonacommontaxonomyfor

definingandmeasuringnature-relatedimpacts.

NaturePositive:FinancingtheTransitioninCities6

1.1

Protectingandrestoringnatureinarapidlyurbanizingworld

Urbanpopulationsareexpectedtodoubleinsizeby2050.2However,infrastructuredevelopment

isexpectedtofallshortofthatgrowth,leaving

urbanresidentsfacingdecliningstandardsoflivingandadegradingenvironmentduetounplanned

expansion,andinsufficientandshort-term

investments.3,4

Ifcontinuedurbangrowthistobesustainable,

urbanfinancingmustbenaturepositive–meaning

itmustpreventanyfurtherlossofnatureand

begintoreverseandhaltlossthathasalready

beencaused.Thatultimatelyleavescitieswith

tworesponsibilities–attractingsufficientfinancingtoaddresstheanticipatedgrowthinurban

populations,andmakingsurethatfinancefor

urbandevelopmentisnaturepositive.Failuretoaddressthesewillresultinfurtherdestructionofnatureintheurbanrealmandcitieswillcontinuetoexperiencethenegativeconsequencesofachangingglobalenvironment.

Atthe2022UnitedNationsnaturesummit,COP15,participatinggovernmentsandorganizationsagreedundertheKunming-MontrealGlobalBiodiversity

Framework(KMGBF)that“by2050,biodiversity[shallbe]valued,conserved,restoredandwiselyused,maintainingecosystemservices,sustainingahealthyplanetanddeliveringbenefitsessentialforallpeople.”5Forcitiesandindustries,this

meansembeddingnatureintoalldecision-makingstructuresandprocesses.

$482

million

ayearinhealthcostscouldbesavedby

addingurbantreesin10oftheworld’smegacities.

Therearenumerousavenuesthroughwhich

citiescanlooktoincorporatenatureintotheir

urbandevelopmentplans.Fromthepresence

andintegrationofnaturalelementsintourban

environmentsandlandscapes,suchasthrough

nature-basedsolutions,topolicyandregulatory

measures.Examplesofnature-basedsolutions

includetheinstallationofgreeninfrastructure,

afforestationefforts,rehabilitationofwetlandsand

introductionofwildlifecorridorswithnativespecies.Examplesofpoliciesandregulatorymeasuresmaybeincentivesandmandatestoredevelopbrownfieldsites,managecoastalzones,embedcircular

economypractices,installgreenroofsandadvancecar-freezones.Thebenefitoffinancingnatureincitieshasbeendemonstratedthroughnumerousexamples,yetnotwidelyrecognizedoracceptedbykeydecision-makers.Researchandstudies

suggestthatnature-basedinterventionsincrease

acity’sresiliencethroughanuptickinecosystem-benefittingprocessessuchasnaturalwater

filtration,urbancooling,pollutionreductionand

carbonsequestration.6Forinstance,theaddition

ofurbantreesin10oftheworld’smegacitiescouldsave$482millionayearinhealthcostsasaresultoftheirabilitytoremovecarbondioxideandotherpollutantsfromtheatmosphere.7,8Urbanparksandgreenspacescanincreasepropertyvaluesby9.5%,whilegreenroofsandwallsoffer6.7%and8%

energysavings,respectively,tolimittheheatislandeffectinurbancentres.9,10

Investinginnature-basedsolutionsisbeneficialforthebottomline,anddemandanalysishasdemonstratedthatthepotentialmarketsizefornature-based

solutionsislargeyetunlikelytobemetanytimesoon.11

NaturePositive:FinancingtheTransitioninCities7

Thegrowthofurbancentres,posesariskto

biodiversityandnaturalhabitats,notonlybecauseuncontrolledsprawlcanencroachonnaturalsitesbutalsobecauseurbaninfrastructuredevelopmentdrivesupthedemandforrawmaterialsandnaturalresources.Citiesallocatelessthan0.3%oftheir

infrastructurebudgettonature-basedsolutions.

Harnessingthepotentialofnature-basedsolutionscouldleadtoaninvestmentopportunityaslargeas$113billionby2030.12

Investmentinnaturealoneis,however,insufficienttoaddressglobalbiodiversityloss.Itisalsonecessarytoaddresstheimpactofthe$6.7trillionbeing

funnelledintonature-negativeindustrypractices.13

Byredirectingfinancialinvestmentsandeffectivelyintegratingnature-positiveprinciplesindecision-making,thereisthepossibilitytoaffectchange

onagrandscale.

Urbancentrescantacklethreeoftheprimary

industrialdriversofbiodiversityandecosystemloss:landuse,infrastructuredevelopmentandenergy

creation.Byadoptingnature-positivecriteriaintheexpansionanddevelopmentoftheseindustries,citiescansignificantlymitigatetheirimpacton

globalbiodiversitywhilealsounlockingsubstantialeconomicbenefits–projectedtodeliver$10.1

trillioninannualbusinessopportunitiesandcreate395millionnewjobsby2030.14

Aligningonadefinitionfornaturefinance

1.2

oInvestment

innaturealone

isinsufficient.

Itisnecessarytoaddresstheimpactofthe$6.7trillionbeingfunnelled

intonature-

negativeflows.

theinvestmentandimpactinnatureregenerationorprotection(netpositiveimpact).

Urbanizationandcityliferelyonnature,anda

consciousinvestmentinurbandevelopmentcannotonlyprotectcitiesandpeoplefromnatural

Nature-positivefinance:refersto

investmentintosolutionsthathavea

measurablypositiveimpactonecosystemsandbiodiversityagainstasetbaseline

(colloquiallycalled“financinggreen”).

disastersbutalsosupporttheconservationandprotectionofnaturalsystemsfromtheincreasingresourcedemandofurbancentres.15,16

Nature-negativeflowshavebeenshowntoexceednature-positiveflowsglobally,highlightingthe

Examplesofnature-positivefinancecouldincluderehabilitatingaforest,introducingaseriesof

wastewatertreatmentplantstotreatanddivert

wastefromfreshwaterecosystems,orrestoringecologicalcorridorsalongsidetheimplementationofacar-freezoneinacity.

Themeasurabilityofimpactisvitaltodistinguish

nature-positivefinancefromnaturemainstreaming.Bothtypesofnaturefinanceareapplicableacrossabroadspectrumofindustrialsectors,including

agriculture,construction,infrastructureandutilitiesmanagement.Onlyafterdeployingbothintandemwillthenature-positivetransitionincitiesbeenabled.

Someglobalbodieshavealignedonadefinitionfornaturepositive,includingmultilateraldevelopmentbanks(MDBs).MDBshavedevelopedacommonsetofprinciplesfortrackingnature-positivefinanceandataxonomytobetterassesstheimpactof

theirinvestments.Thisisthefirststepindefining,mappingandredirectingfinancialflowstowards

interventionsaimedathaltingandreversing

naturelosswhileachievingmeasurablebiodiversityoutcomes.MDBs’aligneddefinitionofnature-

positivefinanceis“...financethatsupportsactionsthatprotect,restoreorenhancesustainableuse

andmanagementofnature,orenablesthese

actions,contributingtotheimplementationoftheKMGBFanditsbroadambitiontohaltandreversenaturelossby2030,withaviewtofullrecovery

by2050.”18

relevanceofmainstreamingnatureconsiderationsacrosssectorstolimitharm.Whilecurrentnature-positiveflowsfromacrosspublicandprivate

sourcesequateto$200billion,$6.7trillionayearisdirectedtoactivitiesthatnegativelyimpactnature.17

Thelandscapeofinvestmentinnatureisbroad

andnuanced.Forthepurposeofthisreport,urbannaturefinancereferstoallfinancialinvestmentsincitiesthatdirectlyinvolveorimpactnature.

Underurbannaturefinancesits:

Naturemainstreaming:theadoptionof

natureconsiderationsintobusiness-as-usual

operationsthroughdecision-making

processes,governancestructuresornewandinnovativetechnologies.Nature

mainstreamingtakesasystem-levelapproachtominimizeharmandimpactonnature

acrossallspheres,sectorsandindustries.

Examplesofnaturemainstreamingincludethe

adoptionofnatureconsiderationsininvestment

processesandgovernancestructures(green

finance),ortechnologicalinnovationacross

sectorsformoreefficientresourceuse,includingthereuseofwastematerial,biowasterecovery,

ormonitoringsystemstoconservenature(greentechnology).Theselatterinnovationsmaybecomenature-positiveoncesufficientscaleisreached,

andaclearcorrelationcanbedrawnbetween

NaturePositive:FinancingtheTransitioninCities8

1

BOX

1

FIGURE

Definitionsofnature-positiveactivitytypes

Protection:activitiesthatmaintain

thestatusandconditionofbiodiversityandecosystems

Restoration:processofassistingthe

recoveryofanecosystemthathasbeendegraded,damagedordestroyed

relativetoareferencestate

Sustainableuseandmanagement

ofnature:ashiftofeconomicactivity

awayfromprocessesdrivingnatureloss

Enablingconditions:policies,modelsandsectoralinstruments,incentives,data,andothertoolsenablingthe

aboveactivities

Avisualrepresentationofnaturepositive

●NetZeroImpact

.NaturePositive

●Businessasusual

197020302050

A

B

Avoid,reduceandmitigateInvestinnature’srecovery

B

A

Source:WorldWideFundforNature(WWF).(2020).LivingPlanetReport2020-Bendingthecurveofbiodiversityloss;FoodandAgricultureOrganizationoftheUnitedNations(FAO);InternationalUnionforConservationofNature(IUCN);McKinsey;WorldEconomicForum.

NaturePositive:FinancingtheTransitioninCities9

2

Naturefinance

inurbandevelopment

Public,privateandnon-government

participationisrequiredtosuccessfullymainstreamnatureandincrease

nature-positivefinance.

NaturePositive:FinancingtheTransitioninCities10

Asglobalpowerhouses,citiesarestrategicactorsinthequestforanature-positiveworld.Working

atthelocallevelallowsofficialstoseepolicies’

impactsonnatureupclose.Citiescanalsoassesstheirdependenciesandimpactsonkeyecosystemsinsideandoutsidetheirboundarieswithmore

accuracy.Themorecitiesunderstandhowtheyareinterconnectedwithnature,thebettertheyareabletocontroltheirpaceofurbanization,protectthemselvesfromdisasterandprovideessential

servicestocitizens.

Forcitiestobeabletoincorporatenatureintotheirurbandevelopment,amultistakeholderapproachisrequiredthatintegratespublicandprivatesectors,includingmunicipalandnationalgovernments,

philanthropy,privatesectorcompanies,andinstitutionalandprivateinvestors.Therearemanycompelling

reasonstoincorporatenatureintothedevelopmentobjectivesofacity,includinghealth,environmentalandeconomicbenefits.Itiscrucialforcitiestoaligntheirdevelopmentandnaturepriorities,bothinternally

andexternally,withkeyfinancinginstitutions;this

alignmentwillhelpchannelfinancialresourcestowardspromotingnature-firsturbandevelopment.

2.1

Makingspacefornatureinurban

developmentfinance

Tobetterpositionnaturefinancewithinurban

development,itisessentialthatcityplanners

andlocaldecision-makersrecognizetheroleof

natureinthequalityofurbanlifeandconsistently

integratenatureandgreeninfrastructureasakey

componentofdevelopmentprojects.Limitations

withinexistingframeworksandtheabsenceofclearfinancingsourcesandmechanismsdo,however,

poseachallenge.19

Citiesarestrugglingtomanagebudgetdeficitsandkeepupwiththeincreasingcostsofprovidingbasiccitizenservicessuchashealth,socialservicesandemergencymanagement.Growingpopulationshaveanincreaseddemandforessentialservices,puttingmajorcitiesunderfiscalstress.Citiesarelooking

tobalancetheirbudgetswhileprioritiesarebeingreorderedacrosssectors,makingitchallengingtoinvestinnatureoutrightandleadingto

mismanagementofinfrastructuredevelopment,resultinginenvironmentaldamage,economicstagnationandsocialdecline.20Usingexternal

sourcesofnaturefundingcanhelpaddresscities’budgetinglimitationswhilemanagingnumerousprioritiesthroughrapidgrowthanddevelopment.

Onekeymechanismthatcitiesusetorecoup

costsfornatureinvestmentsisthroughleviesand

surchargesonassetownersthatstandtobenefit

fromtheseinvestments.Residentialorcommercialrealestatestandtobenefitfromgovernmentfu