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4.4. Towards Resilient Urban Economies and Productive Urban Futures
Sustainable and inclusive urban prosperity and opportunities for all is one of the key transformative commitments laid out in the New Urban Agenda. The NUA emphasises that cities and human settlements should be places of equal opportunities, allowing people to live healthy, productive, prosperous and fulfilling lives. In line with this vision, what is needed now and in the coming years is for cities and subnational governments to prioritize building resilient urban economies against future shocks and provide tangible solutions for the whole community—in short, leaving no one behind.90 Prioritizing resilient investments and inter ventions that address the root causes of multiple vulnerabilities will generate a triple dividend: help cities boost their local economies, improve equity, and prepare urban communities to withstand future shocks, stresses and risks.
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Figure 4.11 illustrates the key transformative pathways to building resilient urban economies and productive urban futures. Cities should reimagine the future of urban economies through economic diversification, transition to circular economies, prioritize sustainable urban and territorial planning, and mainstream resilience in all major urban programs. These resilient inter ventions and investments should harness the untapped potential of the informal economy and support active ageing to create decent and productive jobs. They should prioritize balanced territorial economic development to ensure that no space is lagging behind. These transformative pathways should be backed by sustainable and innovative financing instruments, resilient infrastructure investments and a vibrant human capital base (Figure 4.11). Urban economic resilience is about recognizing that risks and uncertainties are interconnected, so inter ventions should be as well.91
The implementation of these transformative pathways for urban economic resilience and productive urban futures should be integrated, holistic and coordinated across different levels of government while at the same time addressing challenges related to governance, socioeconomic development, funding and financing. Not ever y policymaker will find all the transformative pathways appropriate to their context, but some pathways will be. Thus, city leaders should determine the right mix of pathways that are compatible with their context given existing national circumstances, available resources and institutional capacities. Additionally, cities cannot build economic resilience alone. As we move into the future, there is a need for strong coalition building, mobilizing and galvanizing support from different stakeholders such as local and international financial institutions, the private sector, development banks, community and civil society groups, and national government entities.
Amsterdam, Netherlands © lornet/Shutterstock
