Key Takeaways
- 112 cities are participating in Horizon Europe’s climate-neutral mission aiming for carbon neutrality by 2030.
- 10 cities have received the ‘EU mission label’ to enhance access to funding for climate initiatives, with a total of 53 cities expected to achieve this by 2024.
- The ‘Climate City Capital Hub’ was launched to support cities in securing financial resources for sustainable projects.
Climate Neutrality by 2030: The Mission Overview
In April 2022, the European Commission selected 112 cities to join the Horizon Europe initiative, aimed at achieving climate neutrality by 2030. This mission focuses on promoting systematic innovations across various sectors, including governance, transport, energy, construction, and recycling. Each participating city is empowered to become a hub for innovation, paving the way for all European cities to adopt similar practices by 2050.
As part of the initiative, cities are encouraged to develop ‘climate city contracts,’ which delineate strategies for attaining climate neutrality across multiple sectors by the target year. In October 2023, ten cities successfully received the ‘EU mission label’ after a favorable assessment of their contracts. This label provides easier access to a wide range of EU, national, and regional funding opportunities—especially from private investors.
By March 2024, an additional 23 cities obtained the mission label, and 20 more are expected to do so by October 2024, resulting in a cumulative total of 53 cities benefiting from this prestigious designation.
To further enhance financial support for these initiatives, the European Commission launched the ‘Climate City Capital Hub’ in June 2024. This international financing resource aims to connect cities with essential financial advisory services from the European Investment Bank, helping them assess their financial requirements and present viable projects to diverse lenders and investors. The hub facilitates access to public and private sector financing, including options like philanthropic and corporate capital, crowdfunding, and sustainability-linked bonds.
The overarching goal of the initiative is to advance urban climate leadership and innovation while fostering collaborative efforts among cities to meet and exceed climate targets. As cities implement their plans, the initiative is set to serve as a model for climate action, inspiring others across Europe to participate in the collective journey toward a sustainable future.
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