The Covenant of Mayors (CoM) is committed to providing guidance and advice to the CoM signatories on financing the development and implementation of their sustainable energy and climate action plan. This financing and funding networking event will bring together beneficiaries and experts of the Smart Cities Marketplace and SCALABLE CITIES initiatives, together with CoM signatories to exchange and discuss on ways to capture additional sources of funding and financing for energy and climate actions.
The investment deficit to meet the EU’s climate commitments is considerable. The need of public and private funding to support the ecological transition is increasing. However, access to financing remains one of the biggest challenges of Covenant signatories when developing and implementing their Sustainable Energy and Climate Action Plans. On the other hand, projects’ outputs, and solutions, are not always mature enough or attractive to private investors. Local authorities still require support to mobilise alternatives sources of funding and develop innovative climate financing schemes. Additional assistance is also required to bridge the gap between municipalities and investors on the mitigation market. This event will reflect and build on two initiatives, active on supporting municipalities to access and mobilise additional and alternative sources of funding and will share some lessons learned and recommendations to participants.