/ CONCEPT AND FOCUS
The purpose of this event is to present and discuss with European policy makers and city officials how the European City Facility (EUCF) can support local authorities to transform their local climate and energy roadmaps into real investments and support them in transitioning to climate neutral cities. In addition, the current crises add a lot of financial pressure on local authorities. The question today is “how can we match financial resilience with climate resilience?”
The European Commission estimates that there is an annual need of € 150-200 Billion to invest in energy and climate related projects to comply with the 2030 goals. As public money won´t suffice, here is a need to mobilise private investments. Cities have a tremendous potential to drive investment programmes, by building pipelines of investment projects, to mobilise significant amount of finance needed and in aggregating smaller projects into sizeable packages. However, the current situation provides several challenges to cities and climate and energy run the risk of being removed from the top of the agenda.
While some very relevant financial instruments are already in place today, cities still show limited capacity in human resources, conservative approaches to project financing or lack of experience in developing investment packages. The EUCF will provide financial and technical support to cities and their groupings to accelerate the implementation of their energy and climate plans.
/ RELEVANCE OF THE TOPIC
The session relates to the EU climate and energy targets for 2030 in line with the Paris Agreement and the long-term strategy. The LTS notes that: “Private businesses and households will be responsible for the vast majority of these investments. To foster such investment, it is crucial for the EU and MS to offer clear, long-term signals to guide investors […] to raise sustainable finance […].” Stakeholders from cities, EU policy makers and financial institutions will discuss key recommendations on how to foster sustainable energy investments at the local level.
This event contributes to the ongoing discussion on how to best tap the potential of public funds and how to remove barriers to accelerate the transition to a clean energy system. The organisers consist out of 2 city networks that represent more than 2700 cities. Thus, practical solutions to further unlock private financing will have a multiplier effect and reach local authorities across Europe.