In response to Barcelona declaring a climate emergency in January, the European Investment Bank (EIB) has pledged to finance 40 climate change projects throughout the city.
The €95 million ($112 million) in funding will promote urban regeneration, with a focus on the environment but also on social inclusion and job creation to boost the economic recovery in the wake of the COVID-19 crisis.
Up to 25 percent of the funding will help regenerate a 200,000-square-meter (2.1 million-square foot) area to give residents better access to facilities in their neighborhoods. The funds also will be used to construct and renovate educational institutions such as nurseries and schools, sports facilities, a new library, and care homes. EIB noted all new social infrastructure will come in the form of nearly zero-energy buildings. Around 20 projects will target areas within the city classified as vulnerable.
In addition, the financing will improve energy efficiency initiatives,