The Global Climate City Challenge launched in San Francisco on September, 14 will address key technical and financing barriers to strengthen investment in green projects and programmes essential to improve resilience to a changing climate in cities home to millions of people.
Urban climate action projects will be strengthened by accessing best-practice and technical assistance intended to mitigate the risks of climate change, enhance the impact and improve the financial sustainability of first-time projects.
Projects in an initial six cities will be selected to benefit from the Global Climate City Challenge and eligible schemes can get in touch today.
People living in cities around the world will benefit from the new initiative intended to mitigate the risks of climate change and enhance the impact of the climate-related investment. The new initiative seeks to transform financing for low-carbon and climate resilient infrastructure by mobilizing significant private investment and increasing support from public resources. The programme will strengthen financing to help cities to cope better with a changing climate, cut energy bills, improve waste and water use and support low carbon and resilient sustainable development.
The Global Climate City Challenge is a joint initiative of the Global Covenant of Mayors for Climate and Energy, representing over 9,000 cities from six continents, and the European Investment Bank, the world’s largest international public bank, and in collaboration with global and local city networks, including ICLEI – Local Governments for Sustainability and C40 Cities Climate Leadership Group.
Jonathan Taylor, European Investment Bank Vice President: “Accelerating urban investment to reduce carbon emissions and better cope with a changing climate is crucial for future generations. Schemes around the world already show how technical preparation and financing can make a huge difference to local challenges. The time has come to ensure that best practice is shared and lessons learnt from the most successful projects benefit schemes being considered for the first time elsewhere. Bringing together expertise from the EIB’s work with cities around the world and the unique Global Covenant of Mayors network will help tackle the crucial urban climate action investment gap. I call upon all cities to see how this exciting new initiative can transform the impact of existing and future urban investment plans.”
City challenge winners will benefit from the first targeted support from the Global Climate City Challenge with engagement expected to last two years.
Original source: EIB
Published on 14 September 2018