Lisbon’s City Finance Lab-backed green participatory budget awarded €5 million for next cycle

Lisbon City Council’s first-ever ‘green’ participatory budget, an initiative supported and managed by South Pole and EIT Climate-KIC’s City Finance Lab, has been allocated €5 million to support climate change mitigation and adaptation projects selected by local citizens.

The Mayor of Lisbon made the announcement in May during the ceremony for the winning citizen-selected projects.

Part of Lisbon City’s participatory budget, i.e. one in which citizens also decide how to allocate funds, the ‘green’ label sets aside funds for projects with positive climate change mitigation and adaptation impacts, such as cycle lanes, tree planting to support heat reduction, or water capture and storage.

The impact of the ‘green’ participatory budget is two-fold: it ensures constant annual investments into the city’s low-carbon transition, whilst also raising awareness among citizens of the benefits of climate change mitigation and adaptation projects. The public investment also aims to become a catalyst to unlock private sector capital for such projects.

There are more than 1500 cities across the world that also have participatory budgets. This means there are many opportunties to replicate this initiative and a number of cities in Portugal have already expressed interest.

The Lisbon City Council’s ‘green’ participatory budget was one of the first five innovative financing solutions supported by the City Finance Lab in 2018, and is the first to raise dedicated funds for the climate-aligned transition. The City Finance Lab will work towards scaling the initiative in Lisbon and replicating it in other cities.

“Lisbon is strongly committed to its transition towards a sustainable climate-resilient city. Thanks to the valuable support of the advisors of the City Finance Lab in 2018, we have reached a milestone in the implementation of a ‘green’ participatory budget, to channel investments into climate mitigation and adaptation projects,” says Paulo Francisco, Head Chief of the Participation Division of the Lisbon City Council.

“The success and scalability of Lisbon’s ‘green’ seal demonstrates the value of the City Finance Lab in securing new sources of financing for sustainable urban projects. The City Finance Lab has a vital role to play in incubating innovative financing solutions and stimulating scaling and replication, which are vital in transforming the landscapes of our global cities towards a low-carbon future,” says Hans-Peter Egler, Director Public Affairs, South Pole, a Swiss carbon finance consultancy.

“Cities are places of tremendous potential and in need of climate finance. The City Finance Lab aims to support EU municipalities willing to pilot innovative mechanisms and share their learnings globally. We are proud of our collaboration with Lisbon who embeds commitment for an inclusive and participatory process to support localised climate action,” says Victor Gancel, Programme Manager, EIT Climate-KIC.

Launched in 2018, the City Finance Lab is Europe’s first dedicated platform supporting the development of innovative financing solutions that increase investment in low-carbon, resilient and sustainable urban projects.

The platform is managed by South Pole and operates across EIT Climate-KIC’s Cities and Finance programs.

 
Location
Portugal
Related Goal
Goal 12: Foster bankable green assets in cities
Articles you may be interested in
Opinion
Can we identify the tipping points for transformative climate action?
Susannah Fisher Strategic Research Lead, EIT Climate-KIC
Can we identify the tipping points for transformative climate action?
In The News
Study launched on decarbonising Europe’s heavy industries by 2050

Industry representatives, regional experts, academics and EU officials held...

Study launched on decarbonising Europe’s heavy industries by 2050
In our community
Interview with Yvon Slingenberg of DG Climate Action, European Commission
Interview with Yvon Slingenberg of DG Climate Action, European Commission
In Detail
Evaluating the benefits of improved cooking solutions: impact data in high r...

Gold Standard today released a research study by Vivid Economics that estimates the economic value of Gold Standard-certified project benefits related to climate, health,...

Evaluating the benefits of improved cooking solutions: impact data in high resolution
In The News
New EIT Climate-KIC supported report proposes basis for a future EU taxonomy i...

The European Commission has welcomed the publication of the...

New EIT Climate-KIC supported report proposes basis for a future EU taxonomy in legislation
In The News
WCEF 2019: The challenges and potentials of circular procurement in cities

Increasing population growth and urbanisation intensifies the pressure on...

WCEF 2019: The challenges and potentials of circular procurement in cities
In The News
First round of 15 winners of Reinventing Cities competition announced

C40 Cities and EIT Climate-KIC have announced 15 winners...

First round of 15 winners of Reinventing Cities competition announced
In The News
WCEF 2019: ‘The circular economy in cities’

EIT Climate-KIC CEO Kirsten Dunlop emphasised the importance of...

WCEF 2019: ‘The circular economy in cities’
In Detail
New Report on Circular Procurement in public construction projects shows how...

Public procurement affects a substantial share of world trade, amounting to more than €1.3 trillion per year. In the EU, the public purchase of...

New Report on Circular Procurement in public construction projects shows how targeted action can drive system-level impact
In The News
EIT Climate-KIC at World Circular Economy Forum 2019

EIT Climate-KIC is playing a prominent role at the...

EIT Climate-KIC at World Circular Economy Forum 2019
In The News
17 EIT Climate-KIC solutions included in MI 100 Global High Impact listing

13 EIT Climate-KIC Accelerator start-ups and four EIT Climate-KIC...

17 EIT Climate-KIC solutions included in MI 100 Global High Impact listing
In The News
EIT Climate-KIC’s global cleantech competition ClimateLaunchpad is open ...

EIT Climate-KIC’s ClimateLaunchpad, the world’s largest green business ideas...

EIT Climate-KIC’s global cleantech competition ClimateLaunchpad is open for registration
Opinion
Transformation Capital: A new investment logic for catalysing systems change
Dominic Hofstetter Transformation Capital, EIT Climate-KIC
Transformation Capital: A new investment logic for catalysing systems change
In The News
EIT Climate-KIC supported SkyNRG develops Europe’s first sustainable jet...

SkyNRG announced plans to develop Europe's first sustainable aviation...

EIT Climate-KIC supported SkyNRG develops Europe’s first sustainable jet fuel production plant
In The News
EIT Climate-KIC supported report shows how to reduce industrial CO2 emissions

A new joint report, published by RWTH Aachen University...

EIT Climate-KIC supported report shows how to reduce industrial CO2 emissions
In The News
London event showcases innovation behind new investor climate tool

Yesterday’s event, titled “Applying Climate Risk Data to Investment...

London event showcases innovation behind new investor climate tool
In our community
Interview with Francisco de la Torre, Mayor of Malaga, Spain
Interview with Francisco de la Torre, Mayor of Malaga, Spain
Opinion
Adapting to climate change in Europe: Building a systemic and urgent vision
Susannah Fisher, EIT Climate-KIC and Andrew Norton, IIED
Adapting to climate change in Europe: Building a systemic and urgent vision
In our community
Interview with Andrzej Wiszniewski, President of the Board, National Energy ...
Interview with Andrzej Wiszniewski, President of the Board, National Energy Conservation Agency Poland
In The News
FEED-X programme aims to transform global feed industry

Supported by EIT Climate-KIC, global feed supplier Skretting, WWF...

FEED-X programme aims to transform global feed industry
In The News
New reports say net-zero emission EU heavy industry by 2050 is achievable

Achieving net-zero emissions by 2050 for European energy-intensive industries...

New reports say net-zero emission EU heavy industry by 2050 is achievable
In The News
Five EIT Climate-KIC startups announced as Cleantech Innovate finalists

Five EIT Climate-KIC supported startups are among the 30...

Five EIT Climate-KIC startups announced as Cleantech Innovate finalists
In The News
Drawdown book: Global warming is reversible

Climate protection initiative gives a preview of the German...

Drawdown book: Global warming is reversible
In The News
International effort launched to determine best CO2 capture & utilisation ...

Economic and environmental guidelines will support new industries and...

International effort launched to determine best CO2 capture & utilisation technologies
In Detail
New report cements wood as the future of construction

In a new report, 25 examples of using wood in construction showcase that reducing the carbon footprint of our buildings is not only possible,...

New report cements wood as the future of construction
In The News
Transatlantic bridge for European innovation: EIT Community opens its first Hu...

The European Institute of Innovation and Technology (EIT) opened...

Transatlantic bridge for European innovation: EIT Community opens its first Hub in Silicon Valley
In The News
EIT Climate-KIC supported Beyond Ratings registered as credit rating agency by...

EIT Climate-KIC supported firm Beyond Ratings, a financial services...

EIT Climate-KIC supported Beyond Ratings registered as credit rating agency by European Securities and Markets Authority
In our community
Interview with Nico Wolf, CFO, Endless Energy – Winner of the EIT Climate-...
Interview with Nico Wolf, CFO, Endless Energy – Winner of the EIT Climate-KIC Finance Incubator Competition
In The News
EIT Climate-KIC supported Ombrea raises €1 million to commercialise its smar...

EIT Climate-KIC supported start-up Ombrea, which offers a tool...

EIT Climate-KIC supported Ombrea raises €1 million to commercialise its smart agriculture system
In The News
EIT Climate-KIC announces partnership with Silicon Valley innovation hub

EIT Climate-KIC has announced its partnership with cleantech innovation...

EIT Climate-KIC announces partnership with Silicon Valley innovation hub