City Climate Finance Gap Fund

Empowering Cities to Transform Climate Ideas into Action

GCoM and the Gap Fund serve as a bridge between local governments and climate finance opportunities.

In 2022, the City Climate Finance Gap Fund (Gap Fund) and the Global Covenant of Mayors for Climate and Energy (GCoM) joined forces to expedite cities’ climate progress. This partnership aims to enhance awareness of the Gap Fund as a crucial resource for local governments to receive technical assistance and accelerate the implementation of climate plans and actions. Through specialised events and targeted guidance, cities can transform their sustainable energy and climate action plans into project ideas ready to apply for the Gap Fund. The Global Covenant of Mayors leverages its expertise to support local governments in preparing strong and eligible applications for the fund.

To learn more about how GCoM is helping local governments access the Gap Fund and  transform climate ideas into actionable plans, please contact info@gcomprojectsupport.org

What is the City Climate Finance Gap Fund?

The City Climate Finance Gap Fund (Gap Fund), launched in September 2020 supports cities in developing and emerging countries transitioning towards low-carbon and climate-resilient pathways by providing early-stage technical assistance. This assistance provides  technical assistance to formulate city climate strategies, analyse key actions, promote improved coordination among key stakeholders, and support the preparation of projects from planning and strategy development to project concept and pre-feasibility stage.

Implemented by the World Bank (WB) and European Investment Bank (EIB), in partnership with the Deutsche Gesellschaft für internationale Zusammenarbeit (GIZ) and an array of organisations, the Gap Fund helps bridge the urban financing gap to achieve low carbon, climate resilient urbanization.

GCoM helps by addressing local governments’ planning and project preparation challenges. By working directly with local governments representatives, GCoM is able to help cities better frame their ideas into Gap Fund expressions of interest, ultimately enhancing their ability to build finance-ready initiatives that drive effective climate action.

GCoM & The Gap Fund Partnership

GCoM raises awareness for cities, city networks and key stakeholders about the Gap Fund, its activities and the support available while promoting low-carbon, climate-resilient city development. The specialized team also supports city governments to identify and seek to overcome the challenges they face in evolving sustainable energy and climate action plans into projects.

Empowering Cities: The Gap Fund focuses on low- and middle-income countries, providing early-stage technical assistance to help cities in the development or expansion of climate plans, projects or policies. This early stage support is critical to  turn resilient low-carbon ideas into strategies and finance-ready projects

Application process: GCoM provides expertise, helping local governments turn their climate ideas into strong and eligible expressions of interest for the Gap Fund. Through a series of outreach events and activities, GCoM team support cities to identify eligible project ideas ready to apply for the Gap Fund.

Streamlining Access to Finance: With a growing number of high-quality, viable climate-friendly urban projects, cities receiving support from the Gap Fund can access later-stage technical assistance for project preparation.

WHERE IS THE GAP FUND TEAM LOCATED?

PAST EVENTS

In 2023, the GCoM-Gap Fund Partnership supported and delivered more than 30 events, reaching more than 1200 people in over 500 cities worldwide. It also identified more than 100 project ideas.

GAP FUND UPDATES

The GCoM-Gap Fund partnership team joins local governments Climate Talks in Argentina

The Global Covenant of Mayors for Climate & Energy (GCoM) - City Climate Finance Gap Fund (Gap Fund) partnership regional team for Latin America and the Caribbean joined a climate-related exchange event with cities committed to the Global Covenant of Mayors in Argentina. This exciting dialogue was organized jointly between the GCoM Latin America and … read more

Teaming Up for Urban Climate Action: GCoM-Gap Fund Partnership retreat sets course for 2024

Last week in Brussels, teams from the Global Covenant of Mayors (GCoM) and the City Climate Finance Gap Fund came together for a 3-day strategy retreat – a pivotal gathering aimed at accelerating climate action in cities worldwide. Before that, and recognizing the importance of collaboration and alignment, the GCoM Gap Fund team organized a … read more

Increasing support for resilient, low-carbon urban development

The governments of Germany and Luxembourg announced new funding of €50 million for the City Climate Finance Gap Fund (the Gap Fund), a multi-donor fund implemented by the World Bank and the European Investment Bank (EIB) together with partners. These resources will go to develop low-carbon and climate-resilient urban investments, and will nearly double the Gap Fund’s capitalisation — … read more

GAP FUND PARTNERS

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