CLIMATE CITY MILANO COVID-19 FL

Promoter – Financial Intermediary

COMUNE DI MILANO

Location

• Italy

Description

The operation consists in a framework loan to finance eligible investment schemes in the Municipality of Milan in three pre-selected sectors: energy efficiency, social infrastructure, solid waste management (recycling) and sustainable urban mobility.

Objectives

The plan foresees measures in the following sectors: sustainable urban mobility, refurbishment of public and residential buildings to improve their energy efficiency performance, expand and improve urban green areas, including nature-based solutions to reduce flood risks and prevent urban heat islands, improve water resource management and reduce water losses and foster circular economy through waste recycling and reuse. Since the schemes included under this framework loan are directly linked to the implementation of these strategic objectives, they are expected to entail significant environmental and social benefits, ranging from improving traffic congestion and air quality, to reduce carbon emissions from private transport and energy loss from public and private buildings, to improving urban solid waste management and increasing recycling.

Sector(s)

• Solid waste - Water supply; sewerage, waste management and remediation activities
• Urban development - Construction
• Transport - Transportation and storage

Proposed EIB finance (Approximate amount)

EUR 201 million

Total cost (Approximate amount)

EUR 233 million

Environmental aspects

The operation comprises a multi-sector framework loan and some of the schemes may possible fall under Annex I or II of the Environmental Impact Assessment (EIA) Directive 2014/52/EU amending the EIA Directive 2011/92/EU. The compliance with the relevant EU Directives will be verified during appraisal: Directive 2014/52/EU amending the EIA Directive 2011/92/EU, EU SEA Directive 2001/42/EC, EU Habitats Directive 92/43/EEC and EU Birds Directive 2009/147/EC. For new and refurbished buildings, the compliance with EU Directive 2010/31/EU on Energy Performance of Buildings will be further examined during appraisal. The level of climate action (adaptation and mitigation) measures where relevant, will be assessed during the appraisal.

Procurement

The promoter has to ensure that contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU procurement legislation: Directive 2014/23/EU and 2014/24/EU, where applicable, as well as Directive 92/13/EEC or Directive 89/665/EEC, as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.

Status

Signed - 16/12/2020