The C40 Cities Finance Facility recently celebrated its first anniversary with an engaging session at the C40 Mayors' Summit. In these first 12 months, we have welcomed new partners, began our operations in two cities, and grown exponentially to deliver on our ambitious objective of facilitating access to finance in cities across the world. The Paris Agreement has provided added urgency, as has the growing acknowledgement that cities are key to achieving its targets.
C40 Cities Finance Facility receives $2.3m from USAID
The U.S. Agency for International Development (USAID) committed more than $2 million to the C40 Cities Finance Facility (CFF), as announced at an official side-event at the Habitat III Conference in Quito on October 19. This funding will help cities to access financing for sustainable infrastructure projects which reduce greenhouse gas emissions and vulnerability to the impacts of climate change.
The CFF will provide up to $1 million in technical assistance to Mexico City. This support will help with the project development for a zero emissions transportation corridor, which, when built, will include a fleet of innovative, clean electric buses and new cycling infrastructure.
Bogotá will receive up to $1 million in technical assistance from the CFF and additional support from the Inter-American Development Bank. The city is developing a world-leading cycling strategy, and the CFF will support the city to design and access financing for a 25-km cycle highway traversing the city from south to north.
The CFF took centre stage at an official side-event at the United Nations Conference on Housing and Sustainable Urban Development (Habitat III) in Quito, on October 19. Speakers included senior officials from Bogotá, Mexico City, and Rio de Janeiro, and senior representatives from C40, BMZ, USAID, IADB and Citi Foundation.
On December 2, at the C40 Mayors' Summit, a prominent discussion took place on how cities can access finance to deliver on the Paris Agreement. The session included contributions from the mayors of Rio de Janeiro, Mexico City, Amman, and senior representatives from GIZ and USAID, discussing the challenges and opportunities facing cities.