Connecting cities and investors to scale up climate finance
As cities transition to a low-carbon economic model, a finance gap of US$93 trillion will need to be closed over the next 15 years. The public sector alone is unable to raise these funds. A sizeable contribution must also come from institutional investors who are increasingly interested in climate projects.
Matchmaker aims to scale up financing by creating a one-stop-shop for data on urban climate initiatives. The unique service takes into account the needs of local government representatives as well as public and institutional investors when sourcing, structuring and financing deals.
The project is led by CDP and in consultation with SASA, ClimatePlace, Mississippi River Cities and Towns Initiative
The Matchmaker service aims to overcome barriers to financing through the following initiatives:
CDP and ICLEI – Local Governments for Sustainability will work in partnership to actively connect cities and investors via the Matchmaker service, and design a business model that is effective, scalable and financially viable.
Projects will be selected based on responses from subnational governments to CDP’s climate disclosure platform for cities, along with applications submitted to the Transformative Action Program managed by ICLEI. Cities that disclose information on projects seeking financing will be contacted about participating in the Matchmaker service project.
Kyra ApplebyHead of Cities CDP
Kyra joined the Cities team as an account manager in 2010 and was appointed program head in 2013. Prior, Kyra worked in research positions at NBC Universal, eMarketer and the City of New York. Kyra holds a Masters in Public Administration from the School of International and Public Affairs at Columbia University and a Bachelor’s degree in Environmental Earth Science from the Johns Hopkins University.
Estimated annual carbon savings per Matchmaker project: 130 k tCO2 (based on average of city-related CDM (clean development mechanism) projects such as landfill, urban transport and building projects)
277 projects disclosed to CDP that they are looking to attract private sector involvement in 720 climate change-related projects worth US$26 billion
US$19 billion was spent on urban climate finance by the nine biggest development banks in 2015
In 2015, local and regional governments across the globe submitted over 120 applications to the Transformative Actions Program (TAP). Of these, 84 were climate mitigation projects, requiring a total proposed budget of USD $6.42 billion.