Cities Discover New Ways to Unlock Climate Finance with the GCoM–Gap Fund Partnership at the 2025 International Mayors Forum

At this year's International Mayors Forum in Toyota City, Japan, the Global Covenant of Mayors for Climate & Energy (GCoM)-City Climate Finance Gap Fund team ran an interactive Learning Session focused on one of the toughest challenges cities face: turning climate ambition into finance-ready projects.

Held from 14-16 October and co-hosted by the United Nations Department of Economic and Social Affairs (UN DESA) and UN-Habitat with the support of the Government of Japan, the Forum gathered mayors and local leaders from around the world to share what's working - and what isn't - as they push toward the UN's 2030 Agenda and the Sustainable Development Goals (SDGs).

Learning Session: Financing for Low-Carbon and Climate-Resilient Cities

During the session "Financing for low-carbon and climate-resilient planning and bankable projects," Jazlyn Lee (Regional Engagement Lead for Southeast and South Asia) and Marvin Lagonera (City Advisor for Southeast and South Asia) led a learning session that invited city leaders to get practical about accessing climate finance.

Through short presentations and live digital polling, participants compared experiences and surfaced the realities of trying to fund local climate action - what makes it possible, and what gets in the way.

Jazlyn opened the session with a clear message: project preparation is where ideas start becoming investable. She introduced the Gap Fund and explained how its technical support helps cities move from climate concepts to fully developed, bankable projects. "Each stage from identifying sites to clarifying revenue streams brings a project closer to the point where investors can step in," she said.

Picking up from there, Marvin shared practical tips for crafting strong Expressions of Interest and project proposals. He broke it down into three principles:

1. aim for transformation,
2. build a clear financial strategy,
3. and design for replication.

"Cities should think beyond one project," Marvin said. "The most successful ones inspire others and show how solutions can scale."

Mayors' Insights on Climate Finance

Using real-time digital polling, mayors mapped out the biggest barriers they face in securing finance for climate projects: high preparation costs, complex procedures, limited analysis of bankability and return on investment, and uncertainty about how to structure proposals that attract funders.

At the same time, they highlighted what helps: reliable data, strong institutional capacity, well-documented project pipelines, solid understanding of funding applications, and alignment with national priorities.

Panel Takeaways

Throughout the wider session, speakers circled back to a common theme: cities can't do this alone. Unlocking local climate finance will take both systemic reform and smarter collaboration.

Discussions touched on reforming financial systems that limit local access to funding; making better use of tools like green and SDG bonds, Public-Private Partnerships (PPPs), and climate funds; improving coordination between national and local governments; and building pipelines of bankable projects through partnerships and capacity-building.

Looking Ahead

The GCoM-Gap Fund Partnership continues to work with cities to turn promising ideas into investment-ready projects that deliver real climate and community benefits. Cities interested in support can reach out to Jazlyn Lee and Marvin Lagonerafor guidance on applying to the Gap Fund.

It's partnerships that makes progress possible - helping cities move from ambition to action, and from good ideas to finance-ready, resilient solutions.