The Eurocities Economic Development Forum 2024 falls at a very critical time for urban areas across Europe. From unprecedented challenges regarding the effects of climate change and energy transitions to growing social inequalities, there are so many things that need solutions which could be done at a local level, but are demanding collaboration across cities and regions to scale up their impact.
Today, Bilbao welcomes this year’s edition of the Economic Development Forum. Under the motto of “Cities in Transition: Towards a Sustainable, Inclusive and Prosperous Future”, the event will take up the best part of three days to focus on the important role of cities regarding pressing matters such as climate change, social inequality, and economic stability.
Bilbao itself is an example of how to renew the economy and physical space to meet shifting demands. From being an industrial-based city, it has dramatically changed and is today well known for innovation, technology, and culture. Hosting the forum provides the opportunity for Bilbao to share the learning so far and to learn from other cities also facing similar transitions.
“This week, Bilbao has become the centre of the Economic Development Forum, in which we are addressing a burning issue: cities in transition.” said Juan Mari Aburto, Mayor of Bilbao, during the opening reception at Torre Iberdrola. “Cities live and coexist while facing unprecendented challenges, such as climate change or environmental degradation, social inequalities and economic inestability. These challenges require our public authorities to show an exceptional transformative and innovative ability together with our best partners: our people, our citizens.”
Funding the transition
Cities are increasingly expected to deliver on the European and global commitments related to climate action and sustainability. However, according to the latest Eurocities Pulse Mayors Survey, the majority of city leaders report significant gaps in funding, especially for climate action and energy transition initiatives. These gaps hinder their ability to implement transformative projects and meet ambitious sustainability goals.
A major focus of the Economic Development Forum is on how to finance urban transitions effectively. The challenge of funding remains a critical barrier for cities aiming to become more sustainable and resilient. Discussions at the forum will centre around innovative public procurement methods and the strategic use of European Union funding mechanisms.
As André Sobczak, Secretary General of Eurocities, remarks, “Cities are the growth engines of Europe’s transition to a sustainable future. To unlock their full potential, we need to rethink how we finance their innovative efforts and make sure that European funding mechanisms are more accessible and aligned with the cities’ strategic priorities.”
Cities as labs for innovation
The concept of urban areas as innovation laboratories is a central topic in this year’s forum. Cities like Bilbao have transformed their industrial areas into vibrant districts that promote creativity, technology, and knowledge-based economies. These innovation districts act as catalysts for new business creation and urban experimentation, providing a fertile ground for startups, small and medium enterprises, and research institutions to collaborate.
The forum will highlight how cities can foster innovation ecosystems by bringing together diverse stakeholders—including businesses, universities, and civic organizations—to develop and test new solutions in a supportive regulatory environment. This approach aims to drive local economic development while also contributing to broader European goals, such as reducing dependency on non-renewable resources and enhancing competitiveness in global markets.
Skills for the future economy
The third pillar of the Economic Development Forum focuses on people, specifically the need for skills development to support the transition towards sustainable urban economies. In response to the challenges posed by energy transitions and demographic changes, cities must invest in both upskilling and reskilling their local workforce. This will ensure that they have the talent necessary to meet the demands of a rapidly evolving job market.
Discussions at the forum will address how cities can attract and retain talent, especially in light of issues like brain drain, where skilled professionals migrate to larger urban centres in search of better opportunities. The emphasis will be on developing local strategies that not only draw talent to cities but also create environments where individuals can thrive without needing to relocate.
Building the future, together
The Economic Development Forum 2024 in Bilbao represents a significant step towards reimagining the role of cities in Europe’s future. By focusing on the critical areas of economy, space, and people, the forum will enable city leaders to share their experiences, discuss challenges, and develop strategies for sustainable urban development.
“In Bilbao, together with Eurocities, we are working together to improve the quality of life of our citizens, by sharing knowledge and expertise. We are helping to put European policies into practice, working together on the opportunities of community funding,” said Mayor Aburto.
Stay tuned for more updates on the Eurocities Economic Development Forum 2024 and follow the hashtag #EDFBilbao2024 on social media.
