5 February 2024

Cities discuss strategies to finance their climate ambition

Cities are leading the way when it comes to innovative climate action – but the same level of ambition on finance is also needed to fund it. It begs the question of how cities can meet the costs of a green transition? Are there new and innovative approaches? Can more private capital be mobilised without relinquishing democratic control?

The Turnaround Money II project, which kicked off at the end of 2023 in Frankfurt, aims to help cities address these questions head on. Cities participating in the EU Cities Mission – who have committed to reaching climate-neutrality by 2030 – will join further events in Germany, Belgium, and the Czech Republic, and build on the success of the first workshop with new collaborations and solutions.
In Frankfurt, German Mission Cities, along with experts and stakeholders from the financial sector, academia, German government ministries, and the EU Commission, discussed in depth how to finance the major challenges of this transformation.

Telling cities to “Keep it up!” will not help them meet the great challenges they face. This was acknowledged throughout the welcoming speeches and keynotes by Hans-Georg Dannert from the City of Frankfurt, Dominique Breier from the German Federal Ministry for Housing, Urban Development, and Building (BMWSB), Agnes Schönfelder from the City of Mannheim, and Markus Duscha from the Fair Finance Institute (FaFin).

The project team – made up of ICLEI Europe alongside Starkmacher e.V., the Fair Finance Institute, and the International Sustainable Finance Centre in Prague – look forward to welcoming many more participants in 2024!

Learn more about the project here.