The City Climate Finance Gap Fund was announed at the UN Climate Action Summit in 2019 and is the first global fund dedicated to support cities in the very early stages of project development. With an envisaged budget of at least 100 million Euro, the Gap Fund will unlock 4 billion Euro of investments to implement cities’ climate plans. Initiated by the Global Covenant of Mayors and Germany, it was launched under the lead of the World Bank and the European Investment Bank in September 2020. Core donors are Germany (45 million Euro) and Luxembourg (10 million Euro).