At the UN Climate Change COP 25, the city of Jambi, Indonesia and four other cities namely Cotonou (Benin), Makindye (Uganda), Monastir (Tunisia) and Recife (Brazil) have been selected as the climate leaders in the Global City Challenge for their ambitious and potentially transformative urban climate projects that could receive technical support from the European Investment Bank (EIB) to get their projects off the ground. The projects focus on critical urban climate action including improving waste management, cutting river and ocean pollution, sustainable urban transport, greening urban spaces and enhancing urban resilience to the effects of climate change.
Jambi was selected due to its effort in looking at ways to improve its traffic congestion in a climate-friendly way for instance by introducing of electric buses.
The Global Climate City Challenge was launched in September 2018. From an initial 140 projects and 100 applicant cities these five have emerged as the frontrunners. Urban finance and climate experts are now working with municipalities and their partners in order to scope out the details of their project ne The GCCC is part of an overall strategic approach to help cities realise their climate action ambition. The GCCC challenge has revealed a greater need for early stage project support for cities to define their climate action projects and get them off the ground. It illustrates exactly why there is a need for the planned City Climate Finance Gap Fund, which will provide funding to prepare pre-feasibility studies and other support at the early stages of project preparation.
The new Cities Climate Finance Gap Fund was announced as part of the Leadership in Urban Climate Investment (LUCI) initiative launched in September at the United Nations Secretary General’s Climate Action Summit in New York by EIB President Hoyer. The Gap Fund is co-funded by Germany and Luxembourg and is co-developed with GCOM.
Further information about the award is available at this link.
Source: www.globalcovenantofmayors.org
