The EIB and GCoM with a joint initiative on funding urban climate projects
The Global Climate City Challenge, a joint initiative of the European Investment Bank (EIB) and the Global Covenant of Mayors (GCoM), offers technical assistance which would help prepare and fast-track financing of urban climate action projects.
The Global Climate City Challenge, a joint initiative of the European Investment Bank (EIB) and the Global Covenant of Mayors (GCoM), offers technical assistance which would help prepare and fast-track financing of urban climate action projects. The initiative is under the umbrella of Global Urbis, an ambitious global initiative announced during the One Planet Summit in Paris in December 2017. Global and local city networks, including Local Governments for Sustainability (ICLEI), the C40 Cities Climate Leadership Group as well as the GIZ, are also part of the collaboration.
Cities with strong commitment to implement climate action investments and integrated urban development plans can demonstrate the potential of their project to meet the EIB sector-specific eligibility criteria for this funding opportunity.
The Challenge is open to municipal and local authorities or entities such as municipal companies, utilities and local banks with an interest in addressing climate change. The geographical coverage of the funding initiative is Africa, Asia, Latin America and Europe. Eligible cities must be GCoM signatories through one of the regional covenants or via a GCoM network, or be planning to sign.
The candidates should be able to demonstrate a sufficient institutional capacity to develop, manage and implement an investment, especially on the basis of a dedicated project team to act as counterpart. A sufficient autonomy and capacity to borrow and repay debt through revenue-generating capacity at the project level, through municipal budget or other sources of finance is also sought as requisite, where a minimum estimated project/programme investment volume is of over EUR 30 million or with an engagement in a facility including smaller projects in different municipalities totaling EUR 30 million;
Together with its partners, the EIB will shortlist 12 projects. Out of shortlisted project, six projects will be taken through the EIB’s appraisal process with the objective to obtain financing for their project and free project preparation and technical assistance support.