As urban populations are expected to double by 2050, and the frequency of catastrophic climate change hazards rises, cities face a daunting challenge to adapt and mitigate this complex issue. While cities have the will, they cannot shoulder the needs for investments alone. Particularly smaller and intermediary cities are often excluded from accessing market-based financial instruments.

International and national climate policies should focus on fostering and enabling institutional frameworks that bridge the subnational development finance gap through multilevel partnerships, capacity building and customized financing instruments.

To help address these needs, the City Bridge Facility was launched at COP28 to integrate sustainability into global urban development and address key challenges, and mobilize and catalyze investment for climate action at the local level.

The City Bridge Facility is more than a Project Preparation Facility – it is an Investment Facility that will support secondary cities in least developed countries, aiming to provide both technical support and financial assistance. 

The City Bridge Facility aims to complement and collaborate with existing organizations such as Project Preparation Facilities and initiatives like the Gap Fund, Transformative Actions Program (TAP), and the Cities Climate Finance Leadership Alliance (CCFLA) hosted Leadership for Urban Climate Investment initiatives.

Further information, including on project origination, a steering committee, eligible project criteria and application processes will be provided in the coming months.