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The Global Climate City Challenge launched in San Francisco 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 impact and improve 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.

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 climate related investment. The new initiative seeks to transform financing for low-carbon and climate resilient infrastructure by mobilising 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.  

Urban climate action to benefit from global perspective and unique financial expertise.  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.

FELICITY, a technical assistance programme for low-carbon infrastructure projects in cities jointly led with the German Corporation for International Cooperation (GIZ) will also contribute to the Challenge. The German Federal Ministry of the Environment (BMU) envisages expanding FELICITY, which will contribute to Global Urbis and the respective partnership between GCoM and the EIB.

The Global Climate City Challenge was launched at the Global Climate Action Summit by Mauricio Rodas, Mayor of Quito and Global Covenant of Mayors Board Member, and Jonathan Taylor, European Investment Vice President.

First EIB joint technical and financial urban climate action programme launched.  In the coming weeks the Global Climate City Challenge will support climate action projects in six cities under an initial pilot programme. This will include working to enhance the bankability of projects and increasing financing support as well as sharing experience of smart city technology and innovative urban financing.

Strengthening investment by all urban stakeholders.  Municipal and local authorities, as well as municipal authorities, utilities and partners involved in financing urban projects will be able to benefit from the new initiative.

The initiative will focus on high-impact projects in Africa, central Asia, Latin America, the European neighbourhood and EU accession counties. www.eib.org/GCCCC

Global Climate City Challenge expected to scale up future engagement.  City challenge winners will benefit from the first targeted support from the Global Climate City Challenge with engagement expected to last two years.

Looking ahead the Global Covenant of Mayors and European Investment Bank are exploring how to scale up the Global Climate City Challenge initiative and further accelerate support for urban climate action, including through cooperation with additional financial partners.

Building on urban experience.  As part of its contribution to the Urban Agenda, the European Investment Bank provided nearly EUR 150 billion for investment in urban infrastructure and services between 2011 and 2017. This includes providing crucial support for new urban development, sustainable transport and social housing as well as improving water, energy, health and education infrastructure  in cities across Europe and around the world.

The Global Covenant of Mayors for Climate & Energy is an international alliance of cities and local governments with a shared long-term vision of promoting and supporting voluntary action to combat climate change and move to a low emission, resilient society.

 

 

 

 

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