City Climate Finance Gap Fund launched by World Bank, EIB
The City Climate Finance Gap Fund has been launched with the aim of unlocking at least €4 billion of investment in climate smart projects and urban climate innovation.
The fund - with a target capitalization of at least €100 million - was launched jointly by ministers and directors of the governments of Germany and Luxembourg together with the World Bank, EIB and Global Covenant of Mayors. It will be implemented by the World Bank and the EIB to support city and local governments facing barriers to financing for climate-smart projects.
Core donors to the Gap Fund are Germany (€45 million - including €25 million from the Ministry for the Environment, Nature Conservation and Nuclear Safety, and €20 million from the Ministry for Economic Cooperation and Development) and Luxembourg (€10 million).
