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Put together a solid portfolio of projects that are ready to apply for funds from other project preparation facilities and potentially attract additional financing. Build a high-quality urban investment pipeline for later-stage technical assistance.Enhance cities’ and local authorities’ capacity to plan for low-carbon, climate-resilient development while also seeing high-quality project ideas through to later stage project preparation. Provide technical assistance and capacity building.

It is currently capitalized at €55 million, with a target capitalization of at least €100 million and the potential to unlock an estimated €4 billion in investments. The Gap Fund aims to close the urban climate financing gap for early-stage climate planning and project preparation, particularly in rapidly urbanizing cities in developing countries.

Delivering knowledge products and learning.

Offering potential support to fill in other project preparation gaps.

Matchmaking with additional support sources for later stages of project preparation.

Supporting a strengthened approach to project financing.

Defining project concepts and preparing pre-feasibility studies.

Supporting the prioritization of investments as part of a climate strategy or investment program.

Providing capacity building for low-carbon and climate-resilient urban development.

Supporting city climate strategy development and analytics to assess the climate potential of plans, strategies, and investment programs.

The City Climate Finance Gap Fund, operational since September 23, 2020, is a global partnership that supports cities in developing countries plan for, prioritize, and deliver climate change mitigation and adaptation projects, climate smart urban development plans and inform future city level and country level urban climate policy and action through: This typically leads to impasses, and project ideas often fail to progress.Īs the world strives to recover from COVID-19, infrastructure investments present a huge opportunity to rebuild our cities and societies for the future in a way that embeds low-carbon and climate-resilient considerations to improve air quality, human health, and sustainability. Especially in the global south, cities frequently lack the capacity, finance and support needed for the early stages of project preparation. While a growing number of cities are developing city climate action plans, there are still many that do not have detailed climate mitigation strategies, nor robust preliminary studies such as green-house gas inventories, or climate impact studies to prioritize climate investments. There is also a capacity and technical gap to developing robust and impactful City Climate Action Plans that can help reach a net zero and resilient world.

Of the estimated $93 trillion of sustainable infrastructure investments needed globally by 2030, up to $4.5 trillion will be required for project preparation-$300 billion per year. There is an even larger gap in early-stage project preparation finance, estimated at about 3-5 percent of the total project investment costs, going up to 10 percent in emerging and developing country markets. However, there is a large gap in urban climate finance-estimated in the trillions of dollars, especially in rapidly urbanizing cities in Africa and South Asia. Cities’ rapid and often haphazard growth, especially in developing countries, will drive greenhouse gas emissions and increase residents’ vulnerability to climate change and other shocks, such as heatwaves, flooding and health emergencies.Ĭlearly, cities are and will continue to be on the frontlines of the global push against climate change. Much of that migration-an estimated 90 percent-will happen in Africa and Asia, where climate change will push tens of millions of people to move. By 2050, 2.5 billion people are expected to migrate from rural to urban areas. Accounting for more than 70 percent of global CO 2 emissions, cities are also where more than two-thirds of the world’s energy is consumed. More than half the world’s population lives in cities. The City Climate Finance Gap Fund supports cities with early-stage technical assistance for low carbon and climate resilient projects and urbanization plans.