- Award Category Financing for Climate Friendly Investment
The CFF is selected as a winner in the Financing for Climate Friendly Investment category!
The recipients of the 2020 United Nations Global Climate Action Awards were announced today, shining a light on some of the best examples of what people across the globe are doing to combat climate change. The UN Global Climate Action Award celebrates the CFF’s experience and commitment to helping cities realize transformational change that can make a real and concrete difference to the climate emergency. The CFF will receive the award at a ceremony on 11 December 2020, the day before the 5th anniversary of the Paris Climate Agreement.
The UN Global Climate Action Awards are spearheaded by the Momentum for Change initiative at UN Climate Change. The projects are recognized as innovative solutions that not only address climate change, but also help drive forward progress on many other sustainable development goals, for example, innovation, gender equality and economic opportunity. The 2020 winning activities were selected by an international Advisory Panel as part of the UN Climate Change’s Momentum for Change initiative.
I am delighted that the C40 Cities Finance Facility, supported by the UK’s International Climate Finance, has been recognised for its efforts to make cities around the world greener. Whether it’s about creating better infrastructure for cyclists, increasing the use of electric cars or enabling access to clean energy in public facilities, cities play an important role in tackling climate change and we must continue to scale-up innovative actions that strengthen low-carbon economies in the run up to COP26.
Launched in 2015 at the Paris Climate Summit, the CFF has supported 20 projects across 17 cities and aggregated a potential $650 million investment in climate-proof urban infrastructure. While many city leaders are keen to develop sustainable and climate-proof infrastructure in order to tackle the climate crisis, they face an ‘urban finance gap’ that limits their capacity to make their cities greener, healthier and more liveable. The requirements of financial institutions needed to fund transformative urban climate action often constrain a city’s ambitions. These financial institutions can understandably be cautious to invest in radical projects unless they see detailed preparation in place. At the same time, city administrations often lack the necessary skills and support to deliver a substantial business case for their ambitious plans. As a result, projects can fall at the first hurdle, with cities unable to secure funding to pursue a greener and healthier vision.
The CFF seeks to bridge the gap between cities and financial institutions — helping city leaders to develop their climate-proof urban infrastructure plans so they are bankable and finance-ready. The CFF aims to empower cities to negotiate directly with financiers to create real and lasting change.
We’re thrilled that the work of the C40 Cities Finance Facility is being recognised for its incredible impact, and will continue in its innovative approach to helping cities access finance for climate projects.
“I congratulate the winners of the 2020 UN Global Climate Action Awards, who provide tangible proof that climate action is under way around the world. It is exciting to see these climate solutions, which reinforce my call for decisive leadership on climate change by governments, businesses and cities, and for a green recovery from the COVID-19 pandemic. Let us keep pressing ahead to build a more sustainable and equitable future for all."
“The convergence of these two crises [COVID-19 and climate change] has opened a window of opportunity to build forward—to build cities and communities that are safe, healthy, green and sustainable. Nothing exemplifies this better than the efforts of our 2020 award-winning activities to address climate change.”