In urban areas, significant opportunities are available for facilitating the energy transition. Many local and regional governments are implementing initiatives in sectors, such as buildings, lighting, and transport.
Although there are political and economic incentives for undertaking such actions, many cities and regions face financial and technical barriers, such as insufficient financial resources and lack of skills and experience.
Public authorities can tap into innovative financing mechanisms and funding sources – aside from available national, regional, or local budgets – to complement their own financial resources. Public authorities can also learn with and from their peers from other cities and regions who have successfully implemented sustainable energy and climate action projects and are recognized for their ‘best practices’ in innovative financing schemes.
More about PROSPECT:
Within the framework of PROSPECT: Peer Powered Cities and Regions, a European Commission – Horizon 2020 funded project, we facilitated a peer-to-peer learning programme to support the energy transition in cities and regions in Europe. We define peer-to-peer learning as sharing of knowledge, skills, competencies, and experience among matched peers from local and regional authorities; who learn with and from each other on the topic of financing and implementing sustainable energy and climate action projects through innovative schemes. By innovative financing schemes, we refer to non-traditional ways of raising funds and facilitating sustainable energy and climate investments for cities and regions.