23 September 2019: A group of countries and stakeholders announced the ‘Leadership of Urban Climate Investments’ (LUCI) Initiative, which will scale up and leverage climate finance for climate-friendly urban infrastructure. Led by the Government of Germany, LUCI was developed with the Governments of France, the UK, Mexico, Luxembourg, Cameroon and Japan, as well as development banks, including the European Investment Bank (EIB), and city networks, among other partners. 

According to the UN, an estimated USD 93 trillion worth of sustainable infrastructure will be built by 2030, 70% of which will be built in urban areas.

LUCI seeks to bridge gaps in the investment value chain by establishing a global financing framework through synergies between countries, international and national financial institutions, international organizations, climate institutions and funds, and other partners. The Initiative aims to strengthen the capacity of 2,000 cities in project preparation, creating 1,000 bankable, climate-smart urban projects by 2030, while building innovative financing mechanisms. Up to EUR 73 million in grants have already been pledged for its implementation.  

Speaking about the Initiative, EIB President Werner Hoyer said LUCI aims to help cities invest in low-carbon and climate-resilient infrastructure and will accelerate urban climate finance and reinforce national framework conditions for urban investments.

LUCI is one of several initiatives to finance and build sustainable cities announced during the UN Secretary-General’s Climate Action Summit on 23 September, under the ‘Infrastructure, Cities and Local Action’ track. [UN Press Release] [Intelligent Transport Press Release] [EIB Press Release] [Statement from EIB President] [Article by UN-Habitat Executive Director]