The Global Covenant of Mayors for Climate and Energy (GCoM), is a global coalition of cities and local governments with a shared long-term vision of promoting and supporting voluntary action to combat climate change and move to a low-carbon, resilient society, based on the following core principles:
- Local Governments are Key Contributors: The Global Covenant works to organize and mobilize cities and local governments to be active contributors to a global climate solution
- City Networks as Critical Partners: Local, regional and global city networks are core partners, serving as the primary support for participating cities or regions
- A Robust Solution Agenda: Focusing on those sectors where cities have the greatest impact, the Global Covenant supports ambitious, locally relevant solutions, captured through strategic action plans that are registered, implemented and monitored and publicly available
- Reducing Greenhouse Gas Emissions and Fostering Local Climate Resilience: The Global Covenant emphasizes the importance of both climate change mitigation and adaptation as well as universal access to clean energy
GCoM’s Invest4Cities platform is working through city network partners and with financial institutions across the globe to mobilize the critical financing and technical assistance cities require to take action. GCoM’s access to finance strategy focuses on (1) helping cities make ambitious commitments supporting national Paris Agreement contributions, (2) accelerating their capacity to develop investor-oriented Climate Action Plans by mobilizing technical assistance, and (3) unlocking large-scale financing instruments to finance the plans. To this end GCoM and the European Commission have launched a suite of partnerships to mobilize technical assistance and direct investment in low carbon urban infrastructure. Key partners include the European Investment Bank, European Bank for Reconstruction and Development, World Bank Group, R20 Regions of Climate Action and the City Climate Finance Leadership Alliance.