On 3 July 2020, the Italian city of Turin and the European Investment Bank (EIB) have signed a Climate framework agreement. The aim of the agreement involves a wide-ranging cooperation over the next three years for the implementation of projects combating climate change.
In accordance with the climate goals of the Paris Agreement
In this way, the bank of the European Union and the capital of Piedmont, have launched an operating phase based on potential investment operations, technical assistance for such investments and cooperation for the improved absorption of EU structural funds. In particular, the strategic sectors of the collaboration will include 4 key areas:
- Green infrastructure;
- Energy efficiency of public buildings;
- Redevelopment of urban spaces and the urban fabric with a view to climate change adaptation;
- Implementation of financial instruments supported by the European Structural and Investment Fund (ESIF) in priority sectors for the development of cohesion policies, either concerning the closing phase of the current 2014-2020 programming period or in preparation for the next 2021-2027 programming period.
Once the projects have been identified together and evaluated positively, the broad collaboration will be applied on two levels:
Level 1: The EIB operates as a financial institution, with all the advantages in terms of maturity and cost (low interest rates) that its funding makes available to the loan beneficiaries.
Level 2: With a view to complementing EU structural funds, the EIB will play a technical and financial advisory role for projects promoted by the City of Turin, including via the implementation and management of financial instruments.
The European Bank has worked with Italy for more than 60 years. It has financed high-speed rail links, schools and universities and various urban renewal projects.
This represents the first climate agreement of EIB with an Italian city and the second one in Europe. The European Bank is committed to aligning all its financing activities with the climate goals stipulated in the Paris Agreement.
Source: TheMayor.EU
