The European Bank for Reconstruction and Development (EBRD) has announced that it is doubling funding for its green cities initiative.
EBRD has announced €950 million ($1.1 billion) of new funding doubling existing €950 million earmarked for the flagship programme.
The funding will be directed towards helping cities to reduce energy use and green house gas emissions over the next three years.
Since launching in 2016, the sustainable cities initiative has leveraged an initial capital of €250 million ($297.3 million) and expanded in 2018 by a further €700 million ($832.7 million) in EBRD funds.
EBRD’s Green Cities has mobilised significant co-finance, including €87 million ($103.5 million) from the Green Climate Fund (GCF) for concessional funding, as well as technical cooperation from the GCF and several bilateral donors. With the new funding, more than €2 billion ($2.3 billion) will be dedicated to supporting EBRD Green Cities
The programme has to date grown to include 43 cities and aims to expand to 100 by 2024.
Global cities are the source of at least three-quarters of emissions, making them a vital starting-point in tackling climate change.
Participating cities embark on a trigger project to improve their local environment then, with EBRD help, work on a Green City Action Plan (GCAP) to create a tailor-made list of further environmental investments and policy actions most suitable to address their environmental challenges.
EBRD will help cities to deploy green infrastructure in the areas of urban transport, water and waste water, solid waste management, district energy, street lighting and low-carbon and climate-resilient buildings.
It will also focus more on nature-based solutions, more effective integration of climate resilience and adaptation criteria, renewables, gender and inclusion work, smart technology solutions and urban regeneration.