C40, Germany & IADB Achieve Major Breakthrough For Developing Cities: $1 Billion In Green Infrastructure Unlocked Within Four Years
Green infrastructure is no longer out-of-reach for cities in developing countries thanks to the launch of the C40 Cities Finance Facility, a major project by C40, Germany and Inter-American Development Bank (IADB) to provide the skills, technical assistance and connections to funding opportunities needed to unlock up to $1 billion worth of sustainable infrastructure in cities across low and middle-income countries by 2020. This transformative partnership between C40, Germany and IADB, launched today at the C40 Forum, reinforces the joint commitment to bring practical solutions to unlock the potential of all cities to deliver action on climate change.
Also announced today is funding from the British philanthropy, the Children’s Investment Fund Foundation, to ensure take up of a new system for transparently measuring and reporting city emissions.
The C40 Cities Finance Facility, with €3.5 million (US$3.7m) funding from the German Federal Ministry for Economic Cooperation and Development (BMZ) and $2 million from the IADB, will provide technical assistance to cities within the C40 network to help them prepare sustainable infrastructure projects for investment.
“The C40 Cities Finance Facility represents a massive opportunity for cities, particularly those in the Global South,” said C40 Chair and Rio de Janeiro Mayor Eduardo Paes. “The project represents a significant step forward in delivering one of my strategic aims as C40 chair, and will allow cities to leverage significant public and private financing for green infrastructure projects, enabling cities to accelerate their ambitious emissions reductions.”
The first round of funding for the C40 Cities Finance Facility was announced at the C40 Forum held today in Paris alongside the COP21 climate negotiations. The initial $5.7 million is expected to ultimately reach as much as $20 million in technical assistance for cities, unlocking up to $1 billion worth of green projects worldwide within four years.
The German Federal Minister for Economic Cooperation —> Read More