A new report on investment needs for the energy transition features case studies of five Covenant of Mayor signatories: Ghent, Frederikshavn, Bordeaux-Métropole, Sevilla and Tallinn. These frontrunner cities estimated what are the local investment needs for the energy transition.
The city of Ghent in Belgium is implementing inclusive energy policies to allow everyone to have access to cleaner energy and innovative technologies. Its flagship project “Neighbourhood Power” (Buurzame Strom) supports the installation of solar panels in a low-income district. In order to deliver its energy transition to a carbon neutral city by 2050, the investment needs are estimated at EUR 750 million for Ghent.
The city of Frederikshavn in Denmark has the ambitious objective to achieve 100% renewable energy by 2030. Frederikshavn would need EUR 1 billion to achieve this target. The main challenge for Frederikshavn is to encourage all citizens and private actors to join in the transition. The city has opted to lead by example through ambitious building retrofit and sustainable mobility actions.
In France, the city of Bordeaux-Métropole is paving the way for the energy transition by seeking to become an energy-plus metropole by 2050 through, in particular, the collaboration between its urban and rural areas. In the period 2017-2022, investments are planned worth EUR 535 million, which if maintained, would result in investment needs of EUR 2.7 billion by 2050. The city focuses on acting as coordinator and facilitator by supporting successful projects, such as the project of its flagship industrial cluster, the ecoparc of Blanquefort.
The Spanish city of Sevilla is also leading an ambitious energy transition to become a role model for sustainable mobility. The city has planned to invest EUR 264 million for the period 2012-2020, and would need up to EUR 1 billion by 2050. Sevilla is focusing in particular on sustainable mobility in its energy transition, by establishing notably a large cycling network and pedestrian zones to reduce air pollution and incentivize citizens to move away from using their cars to commute.
The example of the Estonian capital of Tallinn highlights how the heating and cooling sector also plays a critical role in the long-term investments for the energy transition. Tallinn is currently mobilizing some EUR 300 million in energy and climate actions, and is aspiring to become one of the first low-carbon cities in Eastern Europe with its ambitions on smart buildings and smart mobility. The city has estimated its investment needs at EUR 900 million by 2050.