H.E. Maroš Šefčovič, Vice President of the European Commission and Co-Chair of the Global Covenant of Mayors for Climate & Energy (GCoM) outlined three ways to turn local commitments into reality:
(1) More Cooperation
For example, in the Netherlands, the Hague and Rotterdam cooperate with 21 other municipalities on a roadmap toward more sustainable urban development which includes cooperation on joint tenders with business partners.
(2) More Investment
We need to increase local capacity to develop bankable projects that are attractive for public and private financing, and ensure the finance sector is accounting for climate risks. The ‘’One Stop Shop portal’’ for cities is one tool which provides information on sources of EU funding.
Involving all levels of government in investments plans to implement sustainability strategies.
(3) More Innovation
For example, the EU Horizon 2020 program provides funding for research and innovation, including 270 million Euro for local demonstration projects in multiple sectors including transport.