More than 100 cities pioneer net zero emissions

The European Commission has just taken a major step towards accelerating climate action by launching the Climate Cities Capital Hub, with 112 cities joining forces. The aim is to achieve net zero greenhouse gas emissions by 2050.

New financial center

Lisbon (Portugal) - 1 of 33 cities whose climate plans have been approved by the EIB

To make the vision a reality, the cities participating in the “100 Climate-Neutral and Smart Cities” initiative will need a total investment of €650 billion. This money will be used for energy-efficient building retrofits, climate-resilient infrastructure upgrades and green transport development.

The cities were selected from a total of 377 cities that signed up to the initiative, including 100 cities in the European Union (EU) and 12 cities in partner countries. These cities are working closely with the EU and the non-profit consultancy Bank Without Borders (BwB) to develop and implement specific climate action plans.

The European Commission plays a key role in assessing and approving cities’ plans, and provides financial and technical support through the Climate Cities Capital Centre. The centre encourages cooperation between cities, fostering networks where successful approaches can be shared and replicated. By learning from each other, cities can accelerate the transition to net zero emissions.

In addition, the center will mobilize private capital through national government guarantees and make it easier for small projects to borrow. The center aims to leverage national government guarantees to attract private finance and small project groups that often have difficulty accessing individual funding. Public and private funding can take many forms, including the establishment of local investment funds or the issuance of bonds to finance certain projects.

Recognizing that climate action is about more than just reducing carbon emissions, the center takes a holistic approach, considering social equity, economic resilience, and the quality of life of urban residents. By addressing multiple dimensions of sustainability, the center aims to create prosperous, resilient cities that prioritize the well-being of their citizens.

Bold move

As Europe’s climate bank, the European Investment Bank (EIB) will work closely with the Capital Hub to provide financial and technical advice to cities. To date, the EIB has approved the climate plans of 33 cities, including Lyon, Seville, Malmo, Lisbon and Florence. The EIB currently allocates more than 25% of its loans to projects in cities and is committed to continuing to support efforts towards climate neutrality.

“Historically, cities have not been important partners with the private sector, but progress could be much faster if more private capital were involved,” said Allison Lobb, CEO of BwB.

Cities account for 70% of global CO2 emissions, according to the International Energy Agency, and therefore play a key role in addressing the challenge of climate change. Climate change is hitting city dwellers hard, with nearly half of Europe’s schools and hospitals located in urban “heat islands.” These are areas where buildings and roads are densely packed, absorbing heat and temperatures are significantly higher than in greener areas, increasing the risk of heatstroke deaths for residents.

In April 2022, these 112 cities were linked to the EU’s Horizon Europe research and innovation programme and selected to join the Mission Cities Climate Initiative. These cities are experimenting with innovative cross-sectoral approaches, including citizen engagement, stakeholder management and internal governance… This bold commitment could see the 112 cities become hubs of experimentation and innovation that other European cities could follow by 2050.

According to Euractive, the cities' net zero emissions targets by 2030 are more ambitious than those of most governments in the 27 EU countries and the UK, which all set a deadline of 2050.

While the vision faces many challenges, it represents a bold and necessary step toward a sustainable future. By empowering cities to take decisive climate action, the initiative contributes to the global effort to limit global warming and create prosperous, resilient urban centers.

HAPPY CHI (synthesis)

Source: https://www.sggp.org.vn/hon-100-thanh-pho-tien-phong-giam-phat-thai-rong-post747146.html