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Covenant of Mayors webinar: Why and how to set up Urban Development Funds?

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During the 2007-13 programming period a number of low carbon based Urban Development Funds were established, with investment strategies that focussed on delivering components of city and regional low carbon strategies.

Urban Development Funds can help cities:

  • Make more efficient use of (scarce) public sector resources, especially for revenue generating or cost saving projects.
  • Generate good leverage potential, also through recycling of funds.
  • Bring financial discipline into the project identification/selection process.
  • Can be combined with technical support and/or capital grants to overcome market barriers

The proposed webinar will provide an opportunity for participants to hear about the London Green Fund example. The London Green Fund is a GBP 110 million holding fund managed by the European

Investment Bank (EIB). EIB will explain how such an approach can be adopted in other cities and regions.

The cities and regions interested in creating financial instruments with a low carbon/ infrastructure focus and investing minimum EUR 20 million are encouraged to join the webinar.

Target Group

Parties interested in creating financial instruments/contributing to the creation of financial instruments and ideally with a low carbon/ infrastructure focus. As a very general guide the financial instruments should be a minimum of EUR 20m.


  • Emily Smith, Financial Instruments Advisor, European Investment Bank
  • Alex Conway, European Programmes Director, Greater London Authority
  • Kenroy Quellennec-Reid, Senior Programme Manager, Greater London Authority

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