The European Bank for Reconstruction and Development (EBRD) announced on November 19 that funding for the bank’s urban sustainability program, EBRD Green Cities, would be doubled and an additional € 950 million would be allocated to extend the work over the next three years .
The EBRD Green Cities was founded in 2016 with EUR 250 million and expanded by an additional EUR 700 million in EBRD funding in 2018. It has mobilized significant co-funding, including € 87 million from the Green Climate Fund (GCF) for concession funding. As a technical collaboration between the GCF and several bilateral donors, the bank said the new funding will provide more than € 2 billion to support the Greens EBRD cities to be deployed.
According to the EBRD, the successful program has already grown to 43 cities and is expected to expand to 100 by 2024.
Central and Eastern Europe, Central Asia, Southeast Med
Combating climate change and environmental degradation is urgently needed. Cities around the world cause at least three quarters of emissions and are therefore an important starting point for combating climate change. This is particularly true of cities in the EBRD regions – Central and Eastern Europe, Central Asia and the Southern and Eastern Mediterranean – where outdated urban infrastructure often affects the quality of life of citizens, increases greenhouse gas emissions and adapting communities prevents climate change.
EBRD Green Cities provides concrete support to help cities address their environmental problems and improve the quality of life for their residents. Participating cities start a trigger project to improve their local environment and then work, with the help of the EBRD, on a Green City Action Plan (GCAP) to create a tailored list of further environmental investments and policies that are best suited to addressing their environmental problems.
The program also makes an important contribution to combating climate change: the achievement of the 2015 Paris Agreement target of keeping global temperature rise below 2 ° C, and preferably below the more ambitious target of 1.5 ° C, could be achieved if the World may have net zero greenhouse gas emissions by 2050, the EBRD said. To do this, we need to significantly reduce emissions from buildings, increase the efficiency of traffic and shift our electricity supply so that it comes predominantly from renewable sources. Investing in urban infrastructure is key to making this possible.
According to the EBRD, the expansion of the EBRD’s Green Cities funding in November 2020, available to all eligible cities in the EBRD regions, will continue to focus on improvements in the core urban sectors of urban transport, water and sanitation and waste management, district energy, street lighting as well as low-carbon and climate-resilient buildings. It will also focus more on nature-based solutions, more effective integration of climate resilience and adaptation criteria, renewable energies, gender and inclusion work, smart technology solutions and urban renewal through an updated GCAP methodology.