EBRD Invests €3 Billion to Strengthen Green Cities Programme for Sustainable Urban Futures

EBRD Invests €3 Billion to Strengthen Green Cities Programme for Sustainable Urban Futures

(IN BRIEF) The European Bank for Reconstruction and Development (EBRD) has pledged an additional €3 billion to expand its Green Cities programme, supporting sustainable urban development across 50+ cities. The programme introduces enhanced Green City Action Plans (GCAPs), with updated methodologies, nature finance, and green capital markets to address complex climate goals. Since its 2016 launch, EBRD Green Cities has invested €2.86 billion across 91 projects, reducing CO₂ emissions by nearly 5 million tonnes annually, akin to removing over a million cars from the roads.

(PRESS RELEASE) LONDON, 7-Nov-2024 — /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD) has announced a €3 billion commitment to expand its Green Cities programme, aimed at fostering sustainable urban development across an expanding network of over 50 cities. This new funding, supported by the Green Climate Fund and other partners, will help cities address critical climate goals over the next five years.

The enhanced framework includes updated Green City Action Plans (GCAPs), now featuring nature finance and green capital market initiatives. The methodology has also been refined, introducing a “GCAP2” refresher for cities that developed their plans over five years ago, allowing them to tackle evolving environmental priorities more effectively.

“EBRD Green Cities is about building urban spaces where people can thrive,” said Lin O’Grady, Deputy Head of the EBRD’s Sustainable Infrastructure Group. Gianpiero Nacci, Director of Climate Strategy, emphasized the programme’s tailored approach, noting that the refined GCAPs enable cities to implement impactful climate action adapted to their specific needs.

Focusing on sectors like transport, water, buildings, and waste, the programme promotes energy efficiency, decarbonization, and economic inclusion. So far, EBRD Green Cities has invested €2.86 billion in 91 projects, significantly reducing annual CO₂ emissions by 4,915 kilotonnes—equivalent to taking over a million cars off the road. Since its launch in 2016, 36 cities have completed their GCAPs, with 14 more in progress.

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SOURCE: EBRD