World Bank Begins City Climate Finance Gap Fund

The World Bank in conjunction with the European Investment Bank, is set to begin operation of the City Climate Finance Gap Fund. The pandemic is affecting lives and health systems.

Subject to the raging pandemic, the global economy is devastating and likely to cause poverty in about 175 million people and extreme poverty in over 73 million people. Climate change is also increasing the limits of our ecosystems, economies, and communities.

Cities are bearing the adverse effect of all the pandemic, poverty and climate change. Well populated aresas are most liable to climate shocks, such as floods, storm surges, and unfavorable weather conditions and they are more prone to COVID-19 cases than anywhere else.

Accordingto the World Bank, it has collaborated with the European Investment Bank and development partners to begin operation of a bold new fund supporting green, inclusive, resilient, and competitive cities in developing countries. The target of the City Climate Finance Gap Fund is to generate an estimated €4 billion to restructure urban climate.

The World Bank stated that the target can be achieved by providing city planners with tailor-made tools to enhance low-carbon, resilient planning and finance systems and the construction of a high-quality pipeline of climate-smart, resilient urban infrastructure investments.

According to the World Bank the target can also be achieved to facilitate the connection between cities and prospective financing partners.