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 EIT Climate KIC’s Low Carbon City Lab flagship and South Pole, the City Finance Lab is Europe’s first dedicated platform to help develop innovative finance solutions for green urban projects. Such innovative solutions are needed to address the estimated $1.1 trillion 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 technical assistance to the developers, 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.

The Impact

The City Finance Lab is working to engage cities and municipal finance stakeholders, through tailored support from international climate finance experts, 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 $500 million over the next five years in additional finance for climate action in cities.

EIT Climate-KIC’s Role

EIT 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. EIT Climate-KIC’s community of cities, researchers, corporates and city networks are working hand in hand with investors and donors.

 
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