The European Commission has launched the new Climate City Capital Hub platform, an international financial resource to support cities participating in the EU’s Climate Neutral and Smart Cities mission.

Ms Iliana Ivanova, Commissioner for Innovation, Research, Culture, Education and Youth, said: “I am particularly pleased that the EU missions on cities and climate change adaptation are joining forces. With the Climate City Capital Hub platform we will strengthen the support we provide to pioneering cities that have set the course for climate neutrality in their mitigation and adaptation plans.”

Thanks to the new platform, cities that have already received the EU Mission Mark will gain access to financial advice, in collaboration with the advisory services of the European Investment Bank (EIB). They will also be able to structure their financing needs to include different ways of financing projects, such as through project pooling, and present projects to a wide range of capital providers, such as public and private sector lenders and investors (such as non-profit and corporate funds, as well as innovative financing such as equity financing and bonds linked to sustainability), and support the closing process.

In addition, the EIB today announced a pilot loan package of €2 billion to finance the investment plans of cities with the EU Mission Label. These funds strengthen the EIB’s contribution to the EU Mission Label, as it now it will not only provide advice, but also support the implementation of the projects with funding.

George Fellidis