March 8, 2012

Mayor Emanuel and Mayor Bloomberg Announce Major New Initiatives for C40: Green Growth Initiative and Sustainabl​e Infrastruc​ture Finance Network

Mayor Bloomberg Calls on All C40 Cities to Join; Mayor Emanuel to Chair Infrastructure Finance Network

Mayor's Press Office    312.744.3334

CHICAGO - New York City Mayor and Chairman of C40 Cities Climate Leadership Group Michael Bloomberg today announced that C40 would launch two major new initiatives: a Green Growth Initiative and a Sustainable Infrastructure Finance Network.

“Today the C40 is launching two action-oriented networks and we are pleased that one of these networks, which will focus on sustainable infrastructure finance, will be led by Mayor Emanuel and the City of Chicago,” said Michael Bloomberg, Mayor of New York City and Chairman of the C40 Cities Climate Leadership Group. “With Chicago leading the way, this network will help cities learn from one another, and work together in creating, evaluating, and replicating new financing structures for improved mass transit, alternative power generation and other green projects.”

Chicago Mayor Rahm Emanuel was announced Chair of the Sustainable Infrastructure Finance Network at the Organisation for Economic Co-operation and Development's (OECD) Sustainable Cities Meeting.

“I am excited to be able to continue Chicago’s leadership in the important area of sustainable infrastructure and to work with cities on these crucial issues,” said Mayor Emanuel. “Now more than ever it is important that cities are growing in an efficient, responsible and environmentally conscious fashion, and the important work we will do in this network will help achieve these goals.”

The Sustainable Infrastructure Finance Network will be an ongoing forum for C40 Cities to work with one another and capitalize on each others’ experiences, expertise and resources to promote sustainable infrastructure. The crucial nature of infrastructure lends itself to this collaboration, allowing cities to find areas of overlap and potentially leading to the development of finance solutions for common application.

All C40 cities are eligible to participate. The network will communicate in regular meetings at least once a month. Activities of members of the Sustainable Infrastructure Finance Network will include: 

  • Collecting and sharing case studies on successful projects, particularly those that utilize non-traditional approaches to financing;
  • Sharing template legal and financing documents;
  • Developing partnerships with global accounting firms to procure pro bono assistance; and
  • Jointly developing new infrastructure financing programs with private financial institutions.

Mayor Bloomberg also announced that Copenhagen will lead a C40 Green Growth Network, which is expected to involve representatives from 10-15 C40 cities. The focus of that network will be to identify ways cities can work with the private sector to attract investment and create jobs while also meeting their environmental objectives.

# # #