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A New Financial Hub Supports Green Cities In The EU

by THEFUTURE.TEAM

June 28, 2024

650 billion euros. That’s how much it will take for the 112 cities in the European Union that aim to switch to green energy and eliminate harmful emissions by 2030. To help raise these funds, the European Union is creating a financial hub that targets private capital.

KEY FACTS

The Climate City Capital Hub is an international financial resource to further support cities, part of the EU’s mission for climate-neutral and smart cities by 2030.
The new hub will give these cities access to cooperation with the European Investment Bank, and help structure financing needs, including pooling projects and presenting them to lenders and investors from the public and private sectors. In addition, this hub is intended to support the process of finalizing deals.
The facility will use guarantees from national governments to attract private finance and bring together small projects that would normally find it difficult to access finance individually. Projects may include energy investment plans, efficient buildings, district heating systems, renewable energy, sustainable mobility, urban renewal and regeneration, water and social infrastructure.
Public and private financing can take many forms, including the creation of local investment funds or the issuance of bonds to finance specific projects. Private investors have already shown interest.

KEY STORY

After 377 cities applied to participate in the program, 100 were selected from the bloc and 12 from the associated countries, which are developing a climate plan with the support of the EU and the non-profit consulting firm Bankers Without Borders. This plan then becomes an investment plan, which is evaluated by the European Commission and independent experts before the city receives a label to confirm this fact. Among those chosen to participate in the program were Sofia and Gabrovo.

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So far, 33 cities have signed their plans, including Lyon, Seville, Malmö, Lisbon and Florence, with more cities expected to be approved in October. 10 cities were announced in October 2023, and another 23 in March this year. Among them are cities in Denmark, Germany, Spain, Austria, Romania, Sweden, Greece, Belgium, Hungary, Portugal, Italy, France, Cyprus and Turkey.

The label is an important stage in the work of cities engaged in processes such as digitalization and carbon neutrality. Of the 33 investment plans presented so far, approximately €114.1 billion have been budgeted for climate action – an average of €3.6 billion per city. The Commission is currently considering another 23 candidates.

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Only 1% Of Cyprus Farms Use Precision Farming Technologies

Cyprus remains one of the European Union’s least digitised agricultural economies, with just 1% of farms using precision farming technologies in 2023, according to Eurostat.

The findings come as the EU continues to encourage the adoption of digital tools aimed at improving agricultural productivity, efficiency and sustainability.

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Internet Access Expands, But Digital Uptake Lags

Internet access has improved across the bloc, although adoption remains uneven. Eurostat found that 43% of EU farms had internet access in 2023, with northern and central European countries leading the way.

Denmark, Germany, Slovakia, Latvia, the Czech Republic and Austria all reported internet access rates above 90%.

Greater connectivity, however, has not translated into widespread digital adoption. Farm management information systems, which help farmers manage day-to-day operations, were used by only about 11% of EU farms. France was a notable exception, with around 60% of farms using the technology.

Precision Farming Concentrated In Larger Operations

Robotics adoption also remained relatively limited, with only about 7% of EU farms using robotic technologies. Overall, around 18% of farms with utilised agricultural area employed at least one precision farming technology or practice in 2023.

These included robotics for plant protection, band spraying, variable-rate application, precision crop monitoring and soil analysis. Despite representing fewer than one in five farms, these holdings accounted for around 44% of the EU’s utilised agricultural area.

The figures suggest that precision farming remains concentrated among larger agricultural businesses, where investment in digital technologies is typically easier to support.

Cyprus Lags Behind EU Leaders

Luxembourg, Finland and Estonia recorded the highest shares of utilised agricultural area managed by farms using precision farming technologies, each exceeding 75%.

At the other end of the ranking, Cyprus recorded just 1%, while Greece and Romania reported between 10% and 15%. The results indicate that Cyprus remains at an early stage of digital adoption in agriculture, even as precision farming becomes more widespread across parts of the European Union.