A great resource on financing has been released: “Low-Carbon Investment in Cities - How to Harness the Potential?” by the partners of the “Closing the Gap for Transformative Local Action (CGTLA)” project – a Climate-KIC financed activity.
The Low Carbon City Lab (LoCal) is an ambitious project financed by Climate-KIC with the objective to unlock the climate action potential of cities. It has a specific aim to reduce 1 gigaton of carbon dioxide equivalent (GtCO2e) annually and leverage € 25 billion worth of climate finance for cities by 2050. The LoCal partners provide cities with better tools for assessing greenhouse gas emissions, planning, investing and evaluating progress.
This factsheet identifies the barriers and offers solutions to harness the full potential of local governments to shape the world’s development towards a low-carbon future.
“Many local governments, especially in emerging and developing economies, face severe barriers to accessing the investments needed to grow in a climate-compatible way.(…) Solutions to these challenges are currently being developed. Promising pathways include the improvement of local governments’ creditworthiness, the development of a green bond market, support for project pipeline development, capacity building, international climate fund windows for cities, and results-based financing approaches.”
“Closing the Gap for Transformative Local Action (CGTLA)” is a small-scale financing project as part of LoCal, where ICLEI is partnering with the Gold Standard Foundation, the South Pole Group and WWF (project coordinator). The objective of the CGTLA project is to address fundamental barriers to the required channeling of finance to low-carbon city projects.
For more information on the projects under each activity, please visit the LoCal website.
Download the factsheet here.