Breaking down barriers to climate-finance: the City Finance Lab launches second call for proposals

Competition for the five most innovative financing solutions for climate action in cities will run until the end of October. 

The City Finance Lab (CFL), a joint venture between EIT Climate-KIC and South Pole, with its partners Fonds Mondial pour le Développement des Villes (FMDV), CDP, and Global Infrastructure Basel (GIB), opens its second call for ideas for cutting edge climate finance solutions for cities today.

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. Cities play a key role in reducing global carbon emissions, all while being highly vulnerable to climate risks. Increasing global urbanisation trends add additional pressure as nearly 70% of the world’s population is expected to live in urban centres by 2050. With a mere 15% 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 has supported five innovative, replicable and scalable financing solutions that increase investment in climate-resilient, low-carbon and green urban projects for sustainable cities in Europe. In its first year of operation, the CFL already assisted the development of the first-ever Green Participatory Budget that was allocated an initial EUR 5 million in the city of Lisbon. This scaling and replication potential is significant when close to 2700 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.

The CFL is now calling on interested cities, city networks, utilities, financial institutions, and any other municipal finance practitioner to

  • submit a 500 word-summary of their innovative solution here
  • register for the official kick-off webinar on 5 September, 2019

The call for proposals runs until 31st 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.

“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, we have significantly advanced on the implementation of the Lisbon 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 Mayor of Lisbon announced the allocation of EUR 5 million to the first-ever Green Participatory Budget cycle in 2020.

“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. 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,” emphasises Hans-Peter Egler, Director of Public Affairs, South Pole

“Now more than ever before, cities must be prepared to deal with the risks and impacts of climate change by moving to more sustainable, zero-carbon and resilient pathways. Through the City Finance Lab, we enable the deployment of city finance solutions in such a way that is joined up, scaled up, and adds up to actions and initiatives that keep us well within the 2 ˚C global warming threshold,” says Teodora Virban, Project Manager, City Finance Lab, EIT Climate-KIC.

 
Location
Related Goal
Goal 12: Foster bankable green assets in cities
Articles you may be interested in
In The News
EIT Climate-KIC’s Open Accelerator: collaboration, not competition

It is no secret that to tackle climate change...

EIT Climate-KIC’s Open Accelerator: collaboration, not competition
In The News
New platform inspires sustainable Nordic wood construction

This week marks the launch of NoMuWood.com, an EIT...

New platform inspires sustainable Nordic wood construction
In The News
European Union launches Pact to support citizen-led climate action

On Wednesday 16 December, the European Commission is launching...

European Union launches Pact to support citizen-led climate action
In The News
“An avalanche of hope and energy”: The power of Paris

Our Climate Champions 2020: Melissa Capcha. Five years on...

“An avalanche of hope and energy”: The power of Paris
In The News
“Let’s find ways to take action within our abilities”

Our Climate Champions 2020: Gopal Kumar Mohoto. Five years...

“Let’s find ways to take action within our abilities”
In The News
“Climate change is outpacing us, there is no time for excuses”

Our Climate Champions 2020: Cristina Aleixendri Muñoz. Five years...

“Climate change is outpacing us, there is no time for excuses”
In The News
COP26 gives Scotland “a platform to showcase… what’s possible”

Our Climate Champions 2020: Kit England. Five years on...

COP26 gives Scotland “a platform to showcase… what’s possible”
In The News
COP26 might be postponed but “climate action cannot wait”

Our Climate Champions 2020: Melani Furlan. Five years on...

COP26 might be postponed but “climate action cannot wait”
In The News
A climate service for flood risk mapping in urban areas

The SaferPlaces project, supported by EIT Climate-KIC, has created...

A climate service for flood risk mapping in urban areas
In The News
Raising climate awareness through art in the Glasgow City Region

The Glasgow City Region uses arts as a means...

Raising climate awareness through art in the Glasgow City Region
In The News
Helping Europe achieve a circular economy transition

EIT Climate-KIC, EIT RawMaterials, EIT Digital, EIT Food, EIT...

Helping Europe achieve a circular economy transition
In The News
EIT Climate-KIC and EASME host WCEF event on circular economy

The World Circular Economy Forum brings together business leaders,...

EIT Climate-KIC and EASME host WCEF event on circular economy
In The News
Citizens across globe eager to contribute to a post-COVID recovery

Over 4,500 citizens from around the world will join...

Citizens across globe eager to contribute to a post-COVID recovery
In The News
Transformative climate action and COP26: Join our webinar

Are you working to deliver transformative change for a...

Transformative climate action and COP26: Join our webinar
In The News
Madrid, Amsterdam and Milan: Three cities putting citizen participation at the...

The Extinction Rebellion or Fridays for Future global actions...

Madrid, Amsterdam and Milan: Three cities putting citizen participation at the heart of climate action
In The News
EIT Climate-KIC selected to become a member of the European Circular Economy S...

EIT Climate-KIC circular economy expert, Cliona Howie, will join...

EIT Climate-KIC selected to become a member of the European Circular Economy Stakeholder Platform
In The News
Partnering with EIT Climate-KIC on the New Accelerator: Call for Expressions o...

We are looking for new and existing EIT Climate-KIC...

Partnering with EIT Climate-KIC on the New Accelerator: Call for Expressions of Interest
In The News
EIT Climate-KIC leads collective efforts to accelerate Madrid’s transition t...

A cross- KIC (Knowledge and Innovation Community) initiative is...

EIT Climate-KIC leads collective efforts to accelerate Madrid’s transition towards carbon neutrality
In The News
The Human Capital project is the EU educational sector’s answer to robots ta...

Supported by the European Institute of Technology (EIT) and...

The Human Capital project is the EU educational sector’s answer to robots taking over jobs—and AI has a role to play
In The News
New online magazine Branch explores the sustainability of the internet

This week saw the launch of Branch magazine, a...

New online magazine Branch explores the sustainability of the internet
In The News
Four EIT Climate-KIC innovators nominated for EIT Awards

Four EIT Climate-KIC innovators have been nominated to win...

Four EIT Climate-KIC innovators nominated for EIT Awards
In The News
EIT Climate-KIC selected to advise European Commission on sustainable finance

The newly created EU Platform on Sustainable Finance brings...

EIT Climate-KIC selected to advise European Commission on sustainable finance
In The News
bound4blue’s innovative wingsail technology gathers recognition across Europe

Cristina Aleixendri, Co-founder and COO of the Spanish start-up...

bound4blue’s innovative wingsail technology gathers recognition across Europe
In The News
EIT Climate-KIC and Glasgow City Region join forces, helping the region innova...

Home to one third of Scotland’s population and provider...

EIT Climate-KIC and Glasgow City Region join forces, helping the region innovate to become climate resilient
In The News
Cassetex from Bangladesh, Sosei from Uruguay and Carbon Craft Design from Indi...

More than 3,000 entrepreneurs from 56 countries participated in...

Cassetex from Bangladesh, Sosei from Uruguay and Carbon Craft Design from India win the seventh edition of ClimateLaunchpad
In The News
World’s biggest green business ideas competition now fully digital, free and...

The three-day Grand Global Final of the EIT Climate-KIC supported...

World’s biggest green business ideas competition now fully digital, free and accessible to all
In The News
Three cities building back better: Madrid, Milan and Amsterdam

EIT Climate-KIC will host a session at the 18th...

Three cities building back better: Madrid, Milan and Amsterdam
In The News
EIT Climate-KIC to work with Google on Impact Challenge

EIT Climate-KIC is delighted to announce that it will...

EIT Climate-KIC to work with Google on Impact Challenge
In The News
What role can finance play in the green recovery? EIT Climate-KIC and UNEP Fin...

EIT Climate-KIC, in partnership with the UNEP Finance Initiative,...

What role can finance play in the green recovery? EIT Climate-KIC and UNEP Finance Initiative ask leading thinkers to weigh in
In The News
EIT Climate-KIC supports European green recovery with €4 million for start-u...

EIT Climate-KIC is investing €4 million in nine climate...

EIT Climate-KIC supports European green recovery with €4 million for start-ups affected by COVID-19