Greece: EIB Advisory to help Greek cities deliver on climate neutral and smart city goals

• The EIB has signed a new advisory agreement with six Greek municipalities to support climate-neutral and smart city goals.
• The initiative is backed by the European Commission and delivered under the InvestEU Advisory Hub.
• EIB experts will provide tailored support to help cities prepare and implement sustainable investment plans.

The European Investment Bank (EIB) has signed a new advisory services agreement with six Greek municipalities — Athens, Thessaloniki, Kozani, Trikala, Ioannina, and Kalamata — to support the design and implementation of local investment strategies aligned with their climate neutrality and smart city objectives.

Signed under the InvestEU Advisory Hub and delivered by EIB Advisory experts in coordination with the European Commission Climate Neutral and Smart Cities Mission, the agreement represents a strategic step forward towards reinforcing the EIB’s partnership with local authorities in Greece, aiming to accelerate the transition towards sustainable, inclusive, climate-neutral and smart urban development.

EIB Advisory will help municipalities structure and prepare investment programmes that respond to their climate and environmental objectives, including in areas such as sustainable urban mobility, energy efficiency, renewable energy, nature-based solutions, circular economy and smart city infrastructure.

The agreement was signed by EIB Vice-President Yannis Tsakiris, and the respective mayors and representatives of the participating municipalities, during a dedicated event hosted in Athens, in the presence of Patrick Child, Mission Manager and Deputy General for the Environment of the European Commission.

The EIB is working with the European Commission Climate Neutral and Smart Cities Mission to support Mission Labelled cities to transforming their ambitious investment plans into a pipeline of projects. The Mission aligns with EU priorities, including the European Green Deal and with the EIB’s role as the EU climate bank. 

EIB Vice-President Ioannis Tsakiris said: “Achieving climate neutrality starts at the local level. Cities and regions are on the frontline of the green transition, but they often need advice to turn their ambitions into bankable investment plans. With this agreement, the EIB, thanks to resources provide by European Commission Climate Neutral and Smart Cities Mission, is stepping up to provide that support, helping municipalities across Greece unlock sustainable urban development through targeted advisory support, technical expertise and long-term partnership.”

The EIB experts’ advisory services will be tailored to the specific needs and maturity level of each municipality and delivered over a period of up to 36 months.

This initiative is part of the EIB Group’s broader engagement in Greece under the Green Transition and Just Transition agenda. It also supports the objectives of the EU Mission for 100 Climate-Neutral and Smart Cities Mission in which the participating municipalities are involved.

EIB’s role in supporting a climate-neutral Europe

As the EU’s climate bank, the EIB plays a critical role in financing and advising projects under the Climate Neutral and Smart Cities Mission.  It has dedicated a EUR 2bn lending envelope to mission label cities.  In addition, dedicated advisory support is available to the cities to support the implementation of projects in their investment plans.

About InvestEU

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. Through advisory support offered to project developers, the InvestEU Advisory Hub improves the quality of investment projects and their alignment with the EU long term policy goals.

About Climate Neutral and Smart Cities Mission

The EU Mission for Climate-Neutral and Smart Cities, under Horizon Europe, contributes to Europe’s clean and digital transition, aligning with the European Green Deal, the Policy Agenda for Cities, and the Clean Industrial Deal. 

The Cities Mission will involve local authorities, citizens, businesses, investors as well as regional and national authorities to

1. Deliver 100 climate-neutral and smart cities by 2030 
2. Ensure that these cities act as experimentation and innovation hubs to enable all European cities to follow suit by 2050 

Climate-neutral and smart cities - European Commission

Background information  

EIB 

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.  

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.  

All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.  

Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB's financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

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