The Global Climate City Challenge is a joint initiative of the European Investment Bank (EIB) and the Global Covenant of Mayors (GCoM) and is part of a new partnership under the umbrella of Global Urbis, an ambitious global initiative that provides cities and local governments worldwide with technical assistance and funding for climate action.
Eligible applicants are the municipal and local authorities or entities such as municipal companies, utilities and local banks with an interest in addressing climate change. Eligible cities must be Global Covenant of Mayors signatories through one of the regional covenants or via a GCoM network or be planning to become such. Applications are expected by February 28th 2019.
Together with its partners, the EIB will choose six projects which will be taken through the Bank’s appraisal process with the objective to obtain financing for their project and free project preparation and technical assistance support.
Successful applications must show:
- a strong commitment to implement climate action investments;
- potential to meet the EIB sector-specific eligibility criteria;
- an integrated urban development plan, an urban climate strategy or equivalent;
- a project or a pipeline of climate action projects stemming from the city’s climate strategy or other relevant plans and strategies;
- relevant institutional capacity to develop, manage and implement an investment, especially based on a dedicated project team to act as counterpart;
- sufficient autonomy and capacity to borrow and repay debt through revenue-generating capacity at the project level, through municipal budget or other sources of finance;
- a minimum estimated project/programme investment volume of over EUR 30 million or with an engagement in a facility including smaller projects in different municipalities totalling EUR 30 million.
Discover more : European Investment Bank
