GAP Fund

The Global Climate City GAP Fund is a multilateral initiative based in Washington, D.C. and Luxembourg that provides early-stage technical assistance and financing for urban climate mitigation and adaptation projects in developing countries. The organization targets a total capitalization of €100 million to successfully unlock an estimated €4 billion in downstream urban infrastructure investments. It operates through a collaborative financial partnership that is implemented jointly by the World Bank and the European Investment Bank. The fund supports project preparation across various environmental sectors, working closely with prominent global city networks such as C40 Cities, ICLEI, and the Global Covenant of Mayors to assist over 100 municipalities globally. The Global Climate City GAP Fund was founded in 2020 by the governments of Germany and Luxembourg alongside multiple international climate finance partners to accelerate sustainable urban development.