Global Climate City Challenge
The Global Climate City Challenge is a joint initiative of the European Investment Bank (EIB) and the Global Covenant of Mayors (GCoM), representing over 9 000 cities from six continents, to provide technical assistance that helps prepare and fast-track financing of urban climate action projects. The GCoM and the EIB collaborate on this Challenge with global and local city networks, including Local Governments for Sustainability (ICLEI), the C40 Cities Climate Leadership Group as well as the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ).
The Challenge is part of a new partnership under the umbrella of Global Urbis, an ambitious global initiative announced during the One Planet Summit in Paris in December 2017 that provides cities and local governments around the globe with technical assistance and financing for climate action.
Call for action: Click to enlarge
Applications for this challenge closed on 28 February. The Challenge targeted municipal and local authorities or entities such as municipal companies, utilities and local banks with an interest in addressing climate change.
Together with its partners, the EIB will choose six projects which will be taken through the Bank’s appraisal process with the objective to obtain financing for their project and free project preparation and technical assistance support.
You were eligible to apply if you had:
- a strong commitment to implement climate action investments;
- demonstrated the potential for your projects to meet the EIB sector-specific eligibility criteria;
- an integrated urban development plan, an urban climate strategy or equivalent;
- a project or a pipeline of climate action projects stemming from the city’s climate strategy or other relevant plans and strategies;
- sufficient institutional capacity to develop, manage and implement an investment, especially on the basis of a dedicated project team to act as counterpart;
- 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;
- a minimum estimated project/programme investment volume of over EUR 30 million or with an engagement in a facility including smaller projects in different municipalities totaling EUR 30 million.
What will happen if you are amongst the six winners?
You will receive:
- grant support for project preparation to improve the quality of your projects;
- access to EIB expertise in state-of-the-art technology and innovative project financing in the different sectors of urban infrastructure;
- support in the identification of complementary financing opportunities;
- third-party experts working alongside the project developer to finalise your project;
- access to knowledge-sharing through GCoM and international high visibility for your project through the EIB, GCoM and their affiliated networks and partners;
- access to FELICITY, an initiative providing project preparation support and capacity building for low-carbon infrastructure investments in cities in Latin America and Asia.