Clean Energy Fund Takes Center Stage at C40 Summit

Think global, act local. More than 300 leaders from cities on six continents converged on the C40 World Mayors Summit in Rio de Janeiro, Brazil, last week to share ideas on reducing greenhouse-gas emissions, building resilience, and confronting the climate crisis.

One of the highlights of the event was the Portland Clean Energy Community Benefits Fund (PCEF).

"Portland's energy fund was the talk of the conference," Mayor Keith Wilson said. "The focus of the C40 is to help our world mitigate, adapt, and finance programs to address our climate crisis. That last part - paying for these programs - is the most difficult, and PCEF represents a potential breakthrough."

Passed by voters in 2018, PCEF supports climate action focused on social, economic and environmental benefits for all Portlanders, particularly those historically underserved and on the frontlines of climate change. The fund is fueled by a 1% surcharge on retailers with revenues of $1 billion or more.

While the federal government has abandoned the landmark Paris climate agreement - President Donald Trump backed out of it on his first day in office - Portland and other cities refuse to give up the fight against global warming. In fact, they are leading it.

"These mayors are all in. Portland is all in," Wilson said. "While we face a federal administration that is hostile to climate and to sharing our values, we cannot stop; we must double our efforts as we move through these next few years. In Portland we can measure that and the outcomes in emissions reductions… We can take big swings together - and more importantly, it can be profitable."

Portland maintains an ambitious climate action plan. The city is working toward net-zero carbon emissions by 2050 and has achieved significant reduction in carbon emissions since 2020.

While this progress is impressive, the need for urgency is more profound than ever. "We can't afford to lose focus," said Vivian Satterfield, the City's Chief Sustainability Officer. "The costs of climate change and the impact to our communities are getting starker every day."

The summit highlighted some key trends. Carbon emissions in 73% of the cities have already peaked and are now declining, proof that sustained decarbonization is possible even as economies and populations grow. Eleven cities have cut emissions by more than 30 per cent since their peaks, and C40 cities are collectively reducing per-capita emissions five times faster than the global national average.

Wilson also gave a presentation sharing Portland's experience with electrifying heavy-duty transportation. Daimler Truck North America is planning a $40 million facility to build electric trucks on Swan Island and delivered Portland's first all-electric medium duty truck in September.

Originally named for 40 cities, the C40 summit has grown and now brings together leaders from 300 cities from six continents, representing 920 million people, or 23% of the world's economy. It preceded the United Nations Climate Change COP30 summit, which brings together national leaders.

Mayor Wilson was joined by Chief Sustainability Officer Vivian Satterfield, Portland Clean Energy Fund Program Manager Sam Baraso and Portland Clean Energy Fund Community Engagement and Equity Manager Wendy Serrano.

Other leaders at the C40 summit included:

• Mayor of London, U.K., Sir Sadiq Khan
• Mayor of Freetown, Sierra Leon, Yvonne Aki-Sawyer
• Mayor of Rio de Janeiro, Brazil, Eduardo Paes
• Governor of Tokyo, Japan, Yuriko Koike
• Mayor of Phoenix, Arizona, Kate Gallego
• Mayor of Seoul, South Korea, Oh Se-hoon
• Mayor of Montreal, Canada, Valerie Plante