Task Force 1

REFORMING MULTILATERAL DEVELOPMENT BANKS

Led by: Priscilla Negreiros | Josué Tanaka |

This Task Force will evaluate the types of subnational investments appropriate for MDB attention, outline changes to institutional arrangements necessary to create enabling environments receptive to the suggested recommendations and recommend relevant changes to MDB mission statements and mandates. The task force will work to align recommendations with current discussions on MDB/IMF reform including suggestions for greater use of guarantees, allowing local currency lending, and adding natural disaster and pandemic clauses to take the pressure off borrowers in times of crisis, as suggested in the Bridgetown Initiative.

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Task Force 2

AUGMENTING EXISTING AND/OR CREATING NEW FUNDS/INSTITUTIONS

Led by: Angel Cardenas | Mayor Jaime Pumarejo |

This task force will explore bold, disruptive institutional reforms to the Global Finance Architecture to make it more “cities-friendly”, including how to re-imagine institutional structures to meet subnational needs. The task force will explore augmenting existing funds like the IMF’s Resilience and Sustainability Trust and the feasibility of new funds like the Global Climate Mitigation Trust, city green bank, or a Green Cities Development Bank. It will also develop proposals for developing stronger partnerships among national and regional development banks, the MDBs and Finance Ministers (G20) to adopt a “core cities” approach.

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Task Force 3

ATTRACTING PRIVATE SECTOR PARTICIPATION

Led by: Alice Charles | Hazem Galal |

This Task Force will explore and recommend types of private investment appropriate for engagement in cities to address SDG and climate goals and make recommendations for increasing or crowding in private investment for subnational finance via activating and enhancing existing instruments, innovative tools (e.g. land value capture) new institutions and services, and sector approaches. (e.g. de-risking equity investments, insurance).

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Task Force 4

DEVELOPING AN ADVOCACY STRATEGY

Led by: Andrea Fernandez | Mayor Mohammed Sefiani |

This Task Force will develop strategies to develop awareness and promote the work of the Commission among public and private decision-makers. It will work with city networks, G7 and G20 engagement groups, particularly the U20, and sherpas, national financial ministers, key units of the United Nations, relevant World Economic Forum Futures Councils, private sectors industry groups, civil society, and others.

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Task Force 5

RECOGNIZING GEOGRAPHY AND CONTEXT

Led by: Paul Smoke | Mayor Atiqul Islam |

Task Force 5 is a cross-cutting group focused on solutions that underscore how subnational and local government finance is development finance. They will explore how global finance reforms should account for critical geographical differences among cities, including socio-economic, governance (decentralization), ecological and equity contexts. They will offer recommendations to ensure that multilateral priorities and global finance reforms also engage more meaningfully with the localization of the SDGs, NDCs and priorities such as infrastructure and biodiversity, and find new ways to support technical and capacity investments necessary to ensure more equitable access to finance.

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Task Force 6

BALANCING MITIGATION AND ADAPTATION FINANCE

Led by: Andy Deacon | Mayor Daniella Levine-Cava |

Distinguishing the financial instruments available for mitigation and adaptation projects and addressing the need to enhance and combine them for cities is the goal of this Task Force. In view of the current imbalance between mitigation and adaptation finance, this Task Force will work with the Commission members to come up with concrete recommendations to overcome this situation and make sure that cities can access the necessary resources to build resilience and protect lives from climate-driven hazards.