Apply for the opportunity to receive in-kind contribution to work on innovative
finance in your city! Competition for the 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, 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
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.
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