This paper focuses on how national and subnational governments can align subnational financial flows to transition towards low-carbon, resilient and inclusive cities. The paper is a contribution from the OECD Champion Mayors for Inclusive Growth initiative and to the OECD Programme on Subnational Finance and Investment. It was drafted by Dorothee Allain - Dupre, Isabelle Chatty, Marissa Plouin, and Sena Segbedzi.