With hundreds of cities and local governments declaring climate emergencies, City Finance Lab wants to find the most innovative financing solutions for climate action in cities.
The City Finance Lab (CFL), a joint venture between the private-public innovation partnership, EIT Climate-KIC and sustainability financing firm, South Pole, has announced a second call for ideas for innovative financing solutions for climate action in cities.
With hundreds of cities and local governments across the world declaring climate emergencies, the need for innovative climate finance solutions has become ever more pressing, reports CFL.
Cities play a key role in reducing global carbon emissions, all while being highly vulnerable to climate risks. According to CFL, with only 15 per cent of climate finance reaching cities through traditional mechanisms, innovative financing solutions are urgently required to address city-level climate finance barriers.
Since its launch last year, the CFL said it has supported five replicable and scalable financing solutions that increase investment in climate-resilient, low-carbon and green urban projects for sustainable cities in Europe.
“Increasing carbon emissions in urban centres, puts cities in a central role for driving global action to address climate change”
In its first year of operation, the CFL assisted the development of the first-ever Green Participatory Budget that was allocated an initial EUR 5 million in the city of Lisbon.
CFL notes this scaling and replication potential is significant when close to 2,700 cities across the world have participatory budgets. Scaling and replication activities play a crucial role in leveraging and attracting additional private sector capital to close the global sustainable urban infrastructure investment gap, it said.
“The growing conscience of the climate emergency, illustrated by the recent declarations from cities such as Paris and Milan, as well as the increasing carbon emissions in urban centres, puts cities in a central role for driving global action to address climate change,” said Hans-Peter Egler, director of public affairs, South Pole.
“The City Finance Lab is at the forefront of developing, scaling and replicating innovative financing solutions to accelerate the shift of much-needed capital in cities towards low-carbon and climate-resilient initiatives.”
The call for proposals runs until 31 October 2019 and finalists will be announced by mid-December 2019.
Proponents of selected ideas will receive in-kind support to develop their proposals through technical advisory from city finance experts at leading public, private and philanthropic organisations.
Selected proponents will also have the opportunity to showcase their plans to potential partners and investors to promote investments in critical urban climate mitigation, adaptation and resilience projects in European cities.
The CFL is calling on interested cities, city networks, utilities, financial institutions, and any other municipal finance practitioner to:
You might also like: