EU Approves €650 Billion Plan To Help Cities Achieve Net Zero By 2030

by | Jun 26, 2024 | Daily News, Environmental News

Home » Environmental News » EU Approves €650 Billion Plan To Help Cities Achieve Net Zero By 2030

The European Union (EU) approves €650 billion plan to help cities achieve net zero greenhouse gas emissions. This plan will be for 112 cities in total, and has to be achieved by 2030.

These cities are part of the EU’s “100 Climate Neutral and Smart Cities’ Mission.” The goal of net-zero emissions by 2030 is more ambitious than most national targets. However, the EU and Britain are also aiming for 2050.

EU Approves €650 Billion Plan to Help Cities Achieve Net Zero

Huge Climate Goals for European Cities

After a selection process, 100 cities from the EU and 12 from associated countries were chosen from 377 applicants. Each city is now developing a climate plan. They are doing it with support from the EU and Bankers without Boundaries.

These plans will then be turned into investment blueprints. The European Commission and independent experts will then assess these blueprints before receiving official labels.

So far, 33 cities have had their plans approved. This list includes Lyon, Seville, Malmo, Lisbon, and Florence, with more expected to be approved by October. The projects under this initiative could involve retrofitting buildings for better energy efficiency. They could also have adaptive infrastructure to withstand extreme weather events.

Funding and Investment Strategies

To attract the necessary private finance, the EU has launched the “Climate City Capital Hub.” This hub will leverage guarantees from national governments to draw in private investments. They’ll also group smaller projects that would otherwise struggle to secure funding on their own.

The funding could take various forms, including setting up local investment funds or issuing bonds for specific projects. Bankers without Boundaries noted that nearly 50 investors have shown interest in investing once the projects are ready. Allison Lobb, executive director of BwB, emphasized the importance of involving private capital to accelerate progress.

The European Investment Bank (EIB) will collaborate with the hub and provide cities with financial and technical advice to help them implement their climate-neutrality plans.

Teresa Czerwinska, EIB Vice President, highlighted the bank’s commitment, stating. “EIB provides over a quarter of our lending to cities,” she said. “We are keen to work with cities to help them implement their climate-neutrality investments.

Challenges and Urgency

Cities play an important role in climate change. That’s because they produce 70% of the world’s CO2 emissions, as per the International Energy Agency. This includes emissions from industries, energy consumption in buildings, and fossil fuel-based transport systems.

Urban areas are also highly affected by climate change. Nearly half of Europe’s city schools and hospitals are located in urban “heat islands.” Dense clusters of buildings and roads absorb heat, raising temperatures higher than in green areas. This increases the risk of heat stress, particularly for vulnerable populations.

As EU approves €650 billion plan to help cities achieve net zero greenhouse gas emissions, it’s a big step. It’ll do it by helping cities transition to climate neutrality. This will make urban areas more resilient and sustainable. The initiative underscores the need for collaboration between public and private sectors to meet the climate goals.

Also Read: Colorado To Ban Everyday Products Containing Forever Chemicals

Author

  • Sarah Tancredi

    Sarah Tancredi is an experienced journalist and news reporter specializing in environmental and climate crisis issues. With a deep passion for the planet and a commitment to raising awareness about pressing environmental challenges, Sarah has dedicated her career to informing the public and promoting sustainable solutions. She strives to inspire individuals, communities, and policymakers to take action to safeguard our planet for future generations.

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