New initiative run by South Pole aims to unlock at least USD 500 million for climate action in cities in next 5 years by supporting development of innovative financial instruments
The City Finance Lab (CFL) will open its first call for ideas for cutting edge climate finance instruments for cities on June 4th. The call for proposals will run until July 20th with the aim of unlocking significant investment in critical urban climate mitigation, adaptation and resilience projects in European cities.
The CFL, a joint venture between Climate-KIC and sustainability solutions provider South Pole, will announce the selected ideas in September. Proponents of these ideas will receive guidance to develop and improve their proposals from city finance experts at leading public, private and philanthropic organisations. With the CFL Committee including entities such as the European Bank for Reconstruction and Development (EBRD), selected participants will have opportunities to showcase their plans to potential partners and investors.
"Inequality, development and climate change all hinge upon cities' abilities to find ways to ensure sustainability of growth. The City Finance Lab aims to bring about additional innovative finance tools to channel much-needed climate finance for urban projects, and to better equip global leaders for a 2-degree reality," says Hans-Peter Egler, Director Public Affairs and Head of Cities Practices, South Pole.
“Climate-KIC is intensifying its focus on finance as a driver of change in cities, industry and land-use – three key areas of our work. The City Finance Lab is a critical part of a bigger portfolio of projects shaped to redirect the flow of finance to decarbonisation and resilience projects in Europe, and beyond," says Victor Gancel, Programme Manager Low Carbon City Lab, Climate-KIC.
Cities, financial institutions, project developers and city initiatives who want to support financial innovation and climate action in cities, and are interested in learning more about the CFL, its objectives, and how it can help them scale up climate finance for cities can register for a webinar to be held on May 25th at 2:30pm CEST here.
The CFL is Europe's first dedicated platform supporting the development of innovative financial solutions that increase investment in resilient, low-carbon and sustainable urban projects. It aims to unlock at least USD 500 million in additional investment for climate action in cities over the next 5 years.
This CFL is managed by South Pole and operates under Climate-KIC's flagship program on cities, the Low Carbon City Lab (LoCaL). The CFL was launched by Climate-KIC, South Pole, the Global Fund for Cities Development (FMDV), CDP, Global Infrastructure Basel (GIB) and the Climate Finance and Investment Centre at Imperial College Business School.
Official press release accessible here.