EU backs 650-billion-euro plan through climate financing initiative
A European Union informed that a group of 112 cities aiming to eliminate their net greenhouse gas emissions by 2030 would need 650 billion euros (around $696 billion) in investments to deliver the pledge.
The EU launched a “Climate City Capital Hub” to facilitate funding. This hub will use guarantees from national governments to attract private finance and combine smaller projects that typically find it difficult to secure funding independently.
Various methods, such as creating local investment funds or issuing bonds for specific projects, can be used to obtain both public and private funding.
The European Investment Bank (EIB) will also collaborate with the hub to provide financial and technical aid to cities to help them implement their respective plans.
Teresa Czerwinska, EIB Vice President, said, “The EIB provides over a quarter of our lending to cities, and as Europe’s climate bank, we are keen to work with cities to help them implement their climate-neutrality investments.”
Read more: EU distributes nearly €3 billion across member states to advance energy projects
“100 Climate Neutral and Smart Cities” is an initiative by the European Union that aims for selected countries to achieve net zero emissions by 2050. The EU, consisting of 27 countries and Britain, has set its own deadlines for this.
Out of 377 cities that applied, 100 from the EU and 12 from associated countries were selected. These cities are now crafting climate plans with support from the EU and the non-profit advisory firm Bankers without Boundaries (BwB).
The plan is then transformed into an investment blueprint, which the European Commission and independent experts evaluate. Once approved, the city is awarded a label to confirm its status.
So far, 33 cities have had their plans approved.
World Bank invests additional $1.5 billion to boost...
-
The World Bank’s Board of Executive Di...
- 01/07/2024
Eco-gamers launch online video game to target asset...
-
A team of eco-gamers known as Serious Pe...
- 01/07/2024
EU regulators push for revisions in landmark ESG...
-
Regulators overseeing the markets, banki...
- 19/06/2024
Financial firms rally for treaty to combat plastic...
Ahead of the upcoming fourth meeting of the Intergovernmental ...
- 19/04/2024
Related News
DHL Express announced that it has signed an agreement with the Bank of Philippine Islands (BPI). The partnership aims to reduce DHL’s annual greenhouse gas […]
Iberdrola announced that its €1 billion Windanker project in Germany has reached the delivery phase. All associated supply chain contracts for major components are secured […]
A team of eco-gamers known as Serious People has developed a video game titled “Asset Manager Quest” to encourage investment firm ‘Abrdn‘ to divest from […]
Gunvor Group, a prominent energy commodities trading company, has announced a partnership with Quercus Real Assets Limited, a specialist in international renewable investments focused on […]
The World Bank’s Board of Executive Directors announced that it has approved $1.5 billion in financing for a second operation to help India accelerate the […]
The Australian Renewable Energy Agency (ARENA) announced that it has conditionally approved up to $143 million to support the deployment of approximately 370 community batteries […]