European Commission, Global Covenant of Mayors and R20 announce cooperation on innovative sustainable investment at sub-national level in developing countries.

European Commission, Global Covenant of Mayors and R20 announce cooperation on innovative sustainable investment at sub-national level in developing countries.

A joint venture involving the European Commission, the Global Covenant of Mayors (GCoM) and R20 was announced at the One Planet Summit in Paris on Tuesday.

Aiming to support the identification, structuring and development of bankable low carbon and climate resilient infrastructure projects from African sub-national authorities, including financing through the SnCF Africa managed by BlueOrchard Finance, the joint venture was presented by Arnold Schwarzenegger, R20 Founding Chair, Magnus Berntsson, R20 and AER President, and Maroš Šefčovič, European Commission Vice President and Global Covenant Co-Chair.

 

Should the African initiative prove successful, the European Commission, the Global Covenant of Mayors and R20 will explore further opportunities for cooperation, especially with BlueOrchard and the continuing support of the Assembly of European Regions with whom similar funding initiatives could be replicated in Europe and on other continents.

Progress and first results will be shown at the 2018 R20 Austrian World Summit (15 May, Vienna-AT) and the Global Climate Action Summit (12-14 September, San Francisco-USA).