On 1 September, ICLEI launched the 2021 Transformative Actions Program (TAP) call for applications. The TAP supports local and regional governments to develop concepts into high impact sustainable infrastructure projects.
The issue: a shortage of bankable projects
Project preparation is a key instrument for closing the current gap between the financial investments needed to achieve the goals of the Paris Agreement and what is actually invested in local projects. This gap is not due to a lack of interested financiers. Counterintuitively, funds are available and investors are ready – the shortage is of bankable projects, as highlighted by a report authored by the Cities Climate Finance Leadership Alliance (CCFLA).
Close the gap, join the TAP
The TAP aims to improve project bankability by supporting local and regional governments with specific tools and services designed to increase the maturity of their proposed concepts, as well as increasing their visibility to potential investors connecting them to project preparation facilities and financial institutions.
Led by ICLEI, the TAP is based on partnerships that connect the goals of diverse stakeholders into one coherent value chain for developing robust, transformative and bankable projects that will accelerate net-zero and climate-resilient development. Since the first TAP call in 2015, 27 TAP projects have been successfully financed and implemented, while more than 80 have been connected to financial institutions and partners, receiving global attention. Hundreds of projects have already been screened and 70 are now in the TAP pipeline with an estimated investment volume of 2.6 billion euros.
The most recent call for applications was announced on 1 September 2021 and is open until 30 November 2021. Local and regional governments interested in applying to the TAP can learn more at tap-potential.org/.
Source: ICLEI – Local Governments for Sustainability, 01 September 2021