The City Climate Finance Gap Fund was launched jointly by ministers and directors of the Governments of Germany and Luxembourg together with the World Bank, European Investment Bank, and Global Covenant of Mayors.
It paves the way for low-carbon, resilient and livable cities in developing and emerging economies by unlocking infrastructure investment at scale.
The Gap Fund will support city and local governments facing barriers to financing for climate-smart projects. Filling a gap in available project support, the Gap Fund offers technical and advisory services to assist local leaders in prioritizing and preparing climate-smart investments and programs at an early stage, with the goal of accelerating preparation, enhancing quality and ensuring they are bankable.
With a target capitalization of at least €100 million ($116 million), the Gap Fund will accelerate investments supporting cities in developing and emerging economies, as they determine goals and object
