On 18 November at the Race to Zero Dialogues, ICLEI launched the 2020 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 investors. 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).
A “bankable” project is not just a “financially profitable” project. It is a project that quantifies the projected positive outcomes, such as social and environmental benefits, and has clear mechanisms for implementation and evaluation.
What is the TAP?
The Transformative Actions Program (TAP) is an innovative initiative that aims to catalyze and improve capital flows to cities, towns, and regions, and strengthen their capacity to access climate finance and attract investment.
Through the TAP and its partners, local and regional governments can receive support to develop their infrastructure concepts into highly transformative, mature, robust, and bankable projects ready for financing and implementation. The TAP connects local and regional governments, technical experts, and financial institutions.
The new call for applications is open from 18 to 31 December 2020.
The TAP is open to all local and subnational governments, regardless of whether or not they are members of partner networks or ICLEI.
Application forms can be downloaded in multiple languages following registration. The application call is open until 31 December 2020.
Why the TAP?
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Funds for climate projects are available and investors are ready; however, there is shortage of bankable projects.
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A “bankable” project is not just “profitable”: it quantifies the projected positive outcomes, such as social or environmental benefits, and has clear mechanisms for implementation and evaluation.
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The TAP therefore strives to help local governments’ projects improve their bankability by increasing their visibility to potential investors, connecting them to project preparation facilities, or helping them connect with specifics tools or services that can increase the maturity of their proposed concept.