EIB partners with the Global Covenant of Mayors (GCoM) to accelerate the implementation of the Paris Agreement in cities and local governments

LUXEMBOURG, 13-Dec-2017 — /EuropaWire/ — As announced at One Planet Summit in Paris, the EU Bank is to collaborate with the Global Covenant of Mayors (GCoM) to help cities finance climate action and build greener cities for future generations.

The new partnership is under the umbrella of Global Urbis, an ambitious global initiative that will provide cities on a global scale with financing and technical assistance to mobilize significant private investment. It is a unique partnership between the European Commission, the European Investment Bank, the European Bank for Reconstruction and Development and the Global Covenant of Mayors, the single coalition of more than 7400 cities all over the world.

The partnership aims to accelerate the implementation of the Paris Agreement in cities and local governments.

Global Urbis – one stop shop

Speaking from the One Planet Summit in Paris, Jonathan Taylor, EIB Vice-President in charge of climate and environment, said: “The urban financing gap is currently preventing many cities globally from implementing ambitious climate programs.”

He added, “As the EU bank, the EIB has provided finance for sustainable urban infrastructure to well over 1000 cities and towns worldwide. We have now pinpointed a need for a global “one stop shop” providing both investment and advisory support for climate action in cities. That is why I am delighted to announce that the Global Covenant of Mayors and the European Investment Bank are forging a new partnership under the name Global Urbis. This aims to develop an innovative global advisory and financing facility focused on fostering Climate Action investments in cities. Our unique global experience, both in the developed and developing world will bring to this new Global Urbis initiative and specifically to our partnership – great benefits.”

Let’s make cities lead on climate action

European Commission Vice-President Maroš Šefčovič, announcing the initiative in Paris said: “I am proud that – based on this blueprint – we can today announce Global Urbis. It is an ambitious global initiative that will provide cities on a global scale with financing and technical assistance to mobilize significant private investment.

He added, “Let’s make full use of the enormous potential of the Global Covenant of Mayors to make cities lead on climate action.”

Just two weeks ago, the European Commission and the European Investment Bank launched a new advisory service Urbis to help cities plan investments. URBIS, for “Urban Investment Support” will help cities plan investments to support their own urban development strategies and get easier access to finance. This is providing the inspiration for the initiative announced today.

SOURCE: European Investment Bank

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