Business and Foundations Assembly (World Urban…

The World Urban Forum (WUF) is the premier global conference on sustainable urbanization. The twelfth session will take place in Cairo, Egypt, 4 - 8 November 2024.

Speakers:

• Tarek Shukry, Housing committee, Egyptian Parliament
• Hon. Nga Kor Ming, Minister of housing and local government, Malaysia
• Catalina Valentino, CEO, Elixr Group
• Alejandro Eder, Mayor, Cali, Colombia
• Elizabeth Petheo, Senior principal, Miyamoto International
• Satoshi Ishii, Director, Strategy and Partnerships Team, Water and Urban Development Sectors Group, Asian Development Bank (ADB)
• Ali Al Kuwari, CEO, Mshreib Properties
• Alexander Schulze, Chief Program Officer
• Safder Nazir, SVP Public Sector, Huawei Middle East & Central Asia
• Hanan Dowidar, Country Manager, Drosos Foundation
• Ivan Turok, Deputy Executive Director, Human Sciences Research Council
• Akosua Asabea Annoh, Municipal Chief Executive, Abuakwa South Municipal Assembly
• Kyebi-Eastern Region, Ghana
• Nasra Nanda, CEO, Kenya Green Building Society

The role of business is indispensable to enhancing and accelerating sustainable urban development. However, despite their potential, businesses face numerous barriers that hinder their effective participation in the urban ecosystem. The 2030 Sustainable Development Goals (SDGs) emphasize the role of partnerships based on global solidarity, where local and global businesses are integral partners in urban sustainability. In this context, the UN-Habitat Business and Foundations Assembly seeks to leverage private sector investment as a catalyst for transformative change at the local level. The Business and Foundations Assembly will convene public and private actors to identify and seize opportunities that will allow cities and communities to come up with tangible, scalable and sustainable solutions to these global challenges.

The challenge of financing sustainable urban development is multi-faceted. Currently, most of the world's financial resources are pooled in the private sector. Cities and communities are unable to access this private capital due to numerous issues, including weak technical and financial capacities, risk vulnerabilities and underdeveloped state regulations. To leverage private capital for sustainable urban development, a paradigm shift in regulatory frameworks, public-private partnerships (PPP) and financial incentives is crucial.

Establishing a robust regulatory framework will promote private investment by ensuring local institutions are well-coordinated, accountable and predictable. Further, establishing the necessary legal and regulatory frameworks will promote PPPs to leverage the strengths of both actors. Financial incentives, including subsidies, tax breaks and guarantees, will also play a pivotal role in attracting private sector investments. By offering financial incentives, cities can mitigate the associated risk for private actors and enable capital mobilization for initiatives that align financial returns with sustainable outcomes. 

By identifying opportunities, addressing barriers and committing to actionable plans, the Business and Foundations Assembly presents a platform for public and private actors to share how to establish, build and scale these innovative systems.

It all starts locally, now and with the contribution of all stakeholders!