Traditional approaches to urban finance have often focused on actions that cities can take, such as issuing municipal green bonds or securing a good credit rating. This paper argues that mobilising private financing at scale through the effective deployment of a range of new financing instruments requires a greater focus on a systemic approach to urban finance reform, including national and subnational domestic resource mobilisation, improved governance, and sustainable management of liabilities. It sets out a two-step framework to illustrate how national and subnational governments can systematically strengthen their urban finance systems.