EU supports € 650b plan for cities to achieve net zero by ’30

A group of 112 cities committed to net-zero greenhouse gas emissions by 2030 will need 650 billion euros ($695.83 billion) in investments, a European Union (EU) initiative revealed on Wednesday.

As part of the EU’s “100 Climate Neutral and Smart Cities’ Mission,” these cities aim for earlier targets than the EU’s and Britain’s 2050 goal.

Selected from 377 applicants, 100 cities from the EU and 12 from associated countries are creating climate plans with support from the EU and Bankers without Boundaries (BwB). So far, 33 cities, including Lyon, Seville, and Lisbon, have approved plans, with more expected in October. Projects may include retrofitting buildings and improving infrastructure for extreme weather.

To fund these initiatives, the EU launched the “Climate City Capital Hub,” designed to attract private investment by pooling smaller projects and leveraging national guarantees. Nearly 50 investors have shown interest.

The European Investment Bank will provide advice and support, emphasising its commitment to helping cities achieve climate goals. Cities are major CO2 emitters, responsible for 70 per cent of global emissions, with urban areas exacerbating heat-related risks due to dense infrastructure.

Attribution: Reuters.