During COP29, the UN Climate Change Global Innovation Hub (UNCC-GIH) launched the City Challenge in partnership with SDSN, XPRIZE, the Global Covenant of Mayors, ICLEI, and GeSI. Open to both cities and rural areas, the City Challenge will span a 10-year period, offering a groundbreaking $1 billion USD prize for achieving a reduction of 1 gigaton of greenhouse gas (GHG) emissions. This initiative invites cities to showcase existing achievements, future plans, or areas in need of new solutions, focusing on both solution development and practical implementation. It aims to engage a wide range of stakeholders, including solution developers and users, to stimulate innovation and accelerate climate action. The challenge is divided into three phases:
- A first phase to build the cities’ vision and determine the climate and sustainability innovations they need
- A second phase to develop the missing climate and sustainability innovations
- A third phase to deploy these needed climate and sustainability innovations
SDSN Global Climate Hub, supported by AE4RIA, is proud to be a key partner in this initiative and will lead the Investment and Financing Pathways, leveraging over 30 years of experience in sustainable development and collaborating with over 150 cities across Europe.