Cities are the beating heart of the global economy. Urban development helps cities become more innovative and sustainable. Cities will play a pivotal role in our climate neutrality goals for 2050. They represent 4% of the European Union’s land, but they hold 75% of the population. Cities generate more than 80% of global gross domestic product, use over 65 % of the world’s energy and account for more than 70% of CO2 emissions.
EIB Advisory helps cities accelerate their green and digital transformations. European cities can substantially contribute to the Green Deal target of reducing emissions by 55% by 2030 and they can offer a better quality of life through cleaner air, safer transport and less congestion and noise. The Climate-Neutral and Smart Cities initiative is one of five new European Union “missions” created to solve our biggest challenges.
The cities initiative calls for action from municipal officials, the general public, businesses and investors to make smart and climate-neutral cities by 2030. One hundred cities across the 27 Member States were selected for the initiative and invited to define climate goals across all sectors, such as energy, buildings, waste management and transport. Of the 100 cities, 53 have received the EU Mission Label that recognises their climate and finance plans.
Under the InvestEU Advisory Hub, EIB Advisory is helping cities that received this label identify climate projects from their city investment plans. We assist with project preparation and implementation, financial structuring and access to finance. Examples of support include decarbonising public transport, energy efficiency in buildings, improving district heating and restoring nature.
EIB Advisory also introduced a lending envelope of €2 billion to help cities that receive a Mission Label get faster access to finance and speed up projects.
