{"id":15214,"date":"2020-09-30T20:13:27","date_gmt":"2020-09-30T20:13:27","guid":{"rendered":"https:\/\/www.africa-press.com\/kenya\/?p=15214"},"modified":"2020-09-30T20:13:27","modified_gmt":"2020-09-30T20:13:27","slug":"kenya-to-benefit-from-new-fund-for-smart-cities","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/economy\/kenya-to-benefit-from-new-fund-for-smart-cities","title":{"rendered":"Kenya to benefit from new fund for smart cities"},"content":{"rendered":"<p><strong>Author: MOSES OMUSOLO\u00a0<\/strong><br \/>\n<strong>AfricaPress-Kenya:<\/strong> State initiatives against climate change have received a major boost after partners from the developed world launched a Sh12.7 billion fund for supporting cities in developing and emerging economies\u00a0to go green.<\/p>\n<p>Targeted at low-carbon, resilient and livable cities, the City Climate Finance Gap Fund (The Gap Fund) was launched recently by ministers and directors of the Governments of Germany and Luxembourg together with\u00a0the World Bank,\u00a0European Investment Bank (EIB) and Global Covenant of Mayors for Climate and Energy (GCOM)).<\/p>\n<p>Other key players in the fund include C40 cities, ICLEI &#8211; Local Governments for Sustainability, and the Cities Climate Finance Leadership Alliance (CCFLA).<\/p>\n<p>The intervention comes as recent research shows that cities are on the brink of a climate emergency as they currently account for around 70 percent of global CO2 emissions. Moreover, urban centers share of emissions is expected to grow as 2.5 billion people migrate from rural to urban areas by 2050.<\/p>\n<p>Fund implementer EIB also notes that before the\u00a0COVID-19 pandemic\u00a0struck, it was estimated that more than USD93 trillion in sustainable infrastructure investment was needed by 2030 to meet climate goals.<\/p>\n<p>Nevertheless, the bank said Gap Fund was here to support city and local governments facing barriers to financing climate-smart projects.<\/p>\n<p>&#8220;Climate investment projects are an indispensable opportunity to improve lives of the millions who live in cities around the world. However, cities frequently lack the c\u00ad\u00ad\u00ad\u00adapacity, finance and support needed for the early stages of project preparation \u2013 especially in developing an\u00ad\u00add emerging economies. This leads to impasses where cities cannot move project ideas to late-stage preparation and implementation,&#8221; notes the institution in a statement.<\/p>\n<p>With a target capitalization of at least Sh12.7 trillion (\u20ac100 million), the funds aim to unlock over Sh500 billion (\u20ac4 billion) of final investment in climate smart projects and\u00a0urban climate innovation\u00a0globally.<\/p>\n<p>&#8220;Filling a gap in available project support, the Gap Fund offers technical and advisory services to assist local leaders in prioritising and preparing climate-smart investments and programs at an early stage, with the goal of accelerating preparation, enhancing quality, and ensuring they are bankable,&#8221; says EIB.<\/p>\n<p>Core donors to the Gap Fund are Germany at Sh5.7 billion and Luxembourg at Sh1.3 billion.<\/p>\n<p>The initiative was first mooted at the UN Climate Action Summit last year by the Leadership for\u00a0Urban Climate Investment\u00a0(LUCI) which promotes financing for ambitious urban climate action until 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Author: MOSES OMUSOLO\u00a0 AfricaPress-Kenya: State initiatives against climate change have received a major boost after partners from the developed world launched a Sh12.7 billion fund for supporting cities in developing and emerging economies\u00a0to go green. Targeted at low-carbon, resilient and livable cities, the City Climate Finance Gap Fund (The Gap Fund) was launched recently by [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":15215,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[5880,5883,3872,5882,5881],"class_list":["post-15214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-c40-cities","tag-gcom","tag-real-estate","tag-smart-cities","tag-the-gap-fund"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Kenya to benefit from new fund for smart cities - kenya<\/title>\n<meta name=\"description\" content=\"State initiatives against climate change have received a major boost after partners from the developed world launched a Sh12.7 billion\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/economy\/kenya-to-benefit-from-new-fund-for-smart-cities\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kenya to benefit from new fund for smart cities\" \/>\n<meta property=\"og:description\" content=\"State initiatives against climate change have received a major boost after partners from the developed world launched a Sh12.7 billion\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/economy\/kenya-to-benefit-from-new-fund-for-smart-cities\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-30T20:13:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2020\/09\/kenya_to_benefit_fro5f7406024baf5.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"841\" \/>\n\t<meta property=\"og:image:height\" content=\"463\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/kenya-to-benefit-from-new-fund-for-smart-cities#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/kenya-to-benefit-from-new-fund-for-smart-cities\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Kenya to benefit from new fund for smart cities\",\"datePublished\":\"2020-09-30T20:13:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/kenya-to-benefit-from-new-fund-for-smart-cities\"},\"wordCount\":404,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/kenya-to-benefit-from-new-fund-for-smart-cities#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2020\/09\/kenya_to_benefit_fro5f7406024baf5.jpg\",\"keywords\":[\"C40 cities\",\"GCOM\",\"Real Estate\",\"Smart Cities\",\"The Gap Fund\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/economy\/kenya-to-benefit-from-new-fund-for-smart-cities#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/kenya-to-benefit-from-new-fund-for-smart-cities\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/economy\/kenya-to-benefit-from-new-fund-for-smart-cities\",\"name\":\"Kenya to benefit from new fund for smart cities - 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