ICLEI joined WWF, the Gold Standard Foundation and the South Pole Group in the game-changing project “Closing the Gap through Transformative LoCal Action (CGTLA)” to address fundamental barriers to channeling the required finance that cities need for their low carbon projects. The CGTLA project is part of the wider Low Carbon City Lab (LoCal) project, financed by Climate KiC.
With around 93 trillion USD required by 2030 to transition cities infrastructure onto a low-carbon, resilient pathway, the CGTLA project will help to unlock and scale up investments in local level, ambitious, cross-cutting and inclusive, low-carbon projects.
The CGTLA project aims to do this by:
Over the long term, the project has the potential to contribute substantially to the conversion of 1 billion tonnes of carbon dioxide equivalent (tCO2e) of subnational government commitments reported via the carbonn® Climate Registry (cCR), into real actions.
In the short and medium term, the project will directly enhance the financing of:
To support its ongoing activities, the project team has held a successful webinar on green bonds for cities in emerging economies. To view the recording, click here.
ICLEI’s role in the CGTLA
As part of this project, ICLEI is conducting an analysis to identify gaps between the financial needs of local governments and the available portfolios of investors, as well as gaps between the local government ability to profile local projects and the requirements used by investors for their assessments and selection of projects. Questionnaires have been sent to key stakeholders, including members of the Cities Climate Finance Leadership Alliance (CCFLA) and local governments participating in the TAP project pipeline, where 125 projects have been submitted in 2015. The outcome of this gap analysis will be shared before the end of the year.
What added value in working with the Climate KIC / LoCaL
Overall, LoCaL has provided the CGTLA project team with the opportunity to convene partners and leverage the unique expertise of each partner. The team has benefitted from the LoCaL network via, among others, the support from ICLEI in helping cities to become sustainable, resilient, and low-carbon; South Pole Group’s project coordination support; and the Gold Standard’s Sustainable Cities Framework that has mapped out key step towards a results-based finance approach for cities.
Save the date for LoCal events during COP21 in Paris, France:
November 30th 10:30-11:15, EU Pavilion (COP21 Blue zone – accreditation required)
Low Carbon City Lab – scaling up climate finance in cities
December 5th 5:30-6:30, Cities & Regions Pavilion – TAP2015 (Green zone - closed workshop)
Innovative projects and financial solutions in cities
December 10th 3:00-4:00, Cities & Regions Pavilion – TAP2015 (Green zone – Agora hall)
Carbon City Lab – scaling up climate finance in cities
For more information, contact us at: firstname.lastname@example.org