A coalition of 112 cities across Europe has pledged to achieve net-zero greenhouse gas emissions by 2030, a goal that surpasses the targets set by most national governments (Reuters, europa). This ambitious initiative, part of the European Union's (EU’s) "100 Climate Neutral and Smart Cities' Mission," requires a staggering $695 billion in investments, according to a statement released by EU officials last Wednesday (Reuters).

Out of 377 cities that applied to join the program, 100 from EU Member States and an additional 12 from associated countries were selected to participate (Reuters, europa). Each city is now developing a detailed climate action plan with support from the EU and nonprofit advisory firm Bankers Without Boundaries. These plans are scrutinized by the European Commission and independent experts before cities receive formal approval (Reuters).

Currently 33 cities, including Lyon, Seville, Malmö, Lisbon, and Florence, have had their plans endorsed. Projects under consideration include upgrading buildings for energy efficiency and bolstering infrastructure to withstand severe weather events exacerbated by climate change (Reuters). Recognizing the need for substantial financial backing, the EU has launched a "Climate City Capital Hub" aimed at leveraging national guarantees to attract private sector investments. This initiative seeks to pool resources for smaller projects that might struggle to secure funding individually (europa).

Cities are identified as major contributors to global carbon dioxide emissions, accounting for 70% of the world's total (Reuters). They also face heightened risks from climate impacts, particularly in urban "heat islands" where densely packed infrastructure exacerbates heat-related health risks. The European Investment Bank has committed to supporting these efforts with financial and technical advice, underlining its role as Europe's climate bank (Reuters).