EBRD Adds Funding To Its Green Cities Program

11/7/2024 2:11:31 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 7. The European Bank for Reconstruction and Development (EBRD) has announced an additional 3 billion euro investment in its Green Cities program, aiming to accelerate sustainable urban development across a growing network of cities over the next five years, Trend reports.

This commitment is supported by contributions from the Green Climate Fund (GCF) and other partners.

The new funding expands the program's focus to include nature finance and green capital markets, while enhancing its approach to Green City Action Plans (GCAPs). Now refined under a new methodology, these plans will help cities address complex environmental challenges and prioritize local climate goals. For cities that completed their plans over five years ago, a refreshed GCAP (GCAP2) will provide updated strategies for ongoing improvements.

Lin O'Grady, Deputy Head of the EBRD's Sustainable Infrastructure Group, emphasized the program's community-centered mission:“EBRD Green Cities is more than an investment; it's a commitment to building cities where people can thrive in healthier, greener environments.”

The program targets critical urban sectors such as transportation, water, buildings, energy, and waste management, with a strong emphasis on decarbonization, digitalization, and economic inclusion. In addition to direct financing, EBRD Green Cities seeks to mobilize private sector involvement in sustainable urban initiatives.

Since its launch in 2016, the program has engaged over 50 cities, of which 36 have completed their GCAPs, while another 14 are in development. Through 91 projects, EBRD Green Cities has invested €2.86 billion, cutting CO2 emissions by nearly 5 million tonnes annually-equivalent to removing over a million cars from the road. This latest funding ensures continued momentum toward a greener, more resilient urban future.

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