SUCCESS STORIES

City Finance Lab

THE PROBLEM

Between €0.36 and €1 trillion per annum of incremental investment is needed over the next 15 years to set cities on a low-carbon and resilient development path to meet climate targets and build resilience. The barriers to transition include high transaction costs, uncertainty in national and international frameworks, a lack of resources in making green and sustainable projects attractive to investors and gaps in knowledge about available finance options and mechanisms.

 

THE SOLUTION

Launched by the Climate KIC’s Low Carbon City Lab flagship and South Pole, the City Finance Lab is Europe’s first dedicated platform to help cities develop novel financial instruments for their green projects. Such instruments are needed to address the estimated 1.1 trillion USD funding gap required to ensure that the future urban infrastructure essential to meet growing needs is low-emission and climate resilient.

The City Finance Lab provides training and capacity building work, delivering modular training and hands-on partner expertise, while the project preparation and facility strand is building a pipeline of bankable urban mitigation and adaptation projects, through a network of multi-competence centres that evaluate the finance and technical expertise of urban projects.

 

IMPACT

The initiative is working to engage 200 cities worldwide in training and capacity building activities – helping to develop finance that is longer-term, more attuned to emerging risks and more efficient at delivering returns for the economy and wider society. The City Finance Lab is working to leverage USD 500 million per year in additional finance for climate action in cities.

 

CLIMATE-KIC’S ROLE

Climate-KIC has established a collaborative environment for cities, NGOs, public and private investors and solution providers to work together. The City Finance Lab empowers cities in their climate action by enabling them to pilot innovative financial solutions to fulfil their ambitions. Climate-KIC’s community of cities, researchers, corporates and city networks are working hand in hand with investors and donors.

 
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