The call – which runs until 20th July 2018 – seeks finance innovations that can scale up climate-relevant investment in Europe’s cities
Calling all financial institutions, project developers, cities and city initiatives working on financial innovation in cities! Do you have an idea for a financial solution that could unlock greater climate-relevant investment in cities?
The City Finance Lab (CFL), a joint venture between EIT Climate-KIC and South Pole, opens its first call for ideas for cutting edge climate finance solutions for cities today, 4th June. Selected ideas will be announced in early September and will receive guidance to develop and improve their proposals from city finance experts at leading public, private and philanthropic organisations.
With the CFL Committee comprising of leading city finance experts from public and private organisations, proponents of selected ideas will also have opportunities to showcase their plans to potential partners and investors. The call for proposals runs until 20th July with the aim of unlocking significant investment in critical urban climate mitigation, adaptation and resilience projects in European cities.
Globally, due to the rapid urbanization and modernization requirements, municipalities which are responsible for 70% of energy-related CO2 emissions worldwide will need significant investments – on top of business-as-usual infrastructure costs – to improve the climate-resilience of their infrastructure, especially in the areas of transport, energy, water, waste, and building sectors. However, according to the World Bank, less than 15% of global climate finance reaches cities, and European cities are no exception: many struggle to access climate finance and create 'bankable' climate projects that will attract investors.
Read more about City Finance Lab at http://local.climate-kic.org/city-finance-lab/