The Green Climate Fund (GCF) signed a Funded Activity Agreement with the European Bank for Reconstruction and Development (EBRD), to advance resilient cities.
This was during Built Environment Day at COP31, in Turkey, on Wednesday.
This will avail about $579 million in concessional loans and grants, to fund municipalities towards sustainable urban infrastructure, to cities in fifteen countries.
Green Cities are supposed to allow the transition to low-carbon, climate-resilient developments.
According to the GCF, urban areas account for about 70% of the global energy consumption and 75% of emissions due to the density of infrastructure and their often path-dependent development patterns.
This makes cities vulnerable to the impacts of climate change.
What makes a Green City is its energy efficiency, ability to reduce reliance on non-renewable energy sources, encourages waste reduction and management, includes green and resilient infrastructure, low carbon transport and water cycle management.
Picture of Mafalda Duarte, GCF Executive Director.