Green Forum • 8 November, 2024 at 6:59 AM
The European bank for Reconstruction and Development (EBRD) has committed an additional €3 billion to its flagship Green Cities programme, reinforcing the Bank's commitment to sustainable urban development across a growing network of cities.
Over the next five years, EBRD Green Cities will be supported by contributions from the Green Climate Fund (GCF) and other partners.
Further to the new funds, the renewed framework broadens its focus by including nature finance and green capital markets while deploying a refined methodology for Green City Action Plans (GCAPs). Updates to the GCAP methodology are designed to empower cities to address more complex climate challenges, offering new solutions to local environmental priorities. The updates include the introduction of a GCAP refresher (GCAP2) for cities that completed their plans over five years ago.
Lin O'Grady, Deputy Head of the EBRD's Sustainable Infrastructure Group, said: “EBRD Green Cities is more than an investment programme; it is a commitment to building cities where people can thrive in healthier, greener environments. With this renewed commitment, we are empowering a growing community of cities to meet climate goals, improve people's daily lives and create a legacy of sustainability.”
Gianpiero Nacci, Director of Climate Strategy and Delivery at the EBRD, said: “The refined GCAP methodology empowers cities to drive impactful climate action. With more precise, target-oriented plans, tailored to each location's unique needs, cities can turn ambition into action, addressing urgent climate challenges and building resilient urban spaces that prioritise the well-being of their residents."
EBRD Green Cities focuses on core urban sectors, including transport, water, buildings, district energy, solid waste and environmental clean-up. Within each sector, the programme supports energy efficiency, decarbonisation, adaptation, digitalisation, gender and economic inclusion. While financing cities, the programme aims to mobilise private finance and draw in the private sector.
To date, the EBRD Green Cities initiative has invested €2.86 billion through 91 projects. Across its cities, the programme has cut annual CO₂ emissions by 4,915 kilotonnes, equivalent to removing over a million polluting cars from the roads. Since the inception of the programme in 2016, more than 50 cities have joined the network. Of those, 36 have completed their GCAPs, with another 14 developing their own.