In this article, we look at some of the emerging and advancing options for finding money to invest in smart city solutions.
Across the world, cities are acutely aware that they need to upgrade their infrastructure and systems to improve life for citizens and residents. This is becoming more urgent as rapid urbanization continues – by 2050, 66 percent of the world’s population will live in cities, up from 54 percent in 2014, according to the United Nations. This could add 2.5 billion people to the world’s city-dwelling population, placing additional strain on city services.
In a US survey from the International City/County Management Association (ICMA) almost 40 percent of respondents claimed they needed additional money “to sustain infrastructure at a baseline level” and indicated that the current state of their infrastructure is hurting quality of life.