This content is part of the TAP Digital Media Toolkit.
As of 13 September 2018, the Transformative Actions Program (TAP) is actively seeking transformative climate projects to become part of the TAP project project preparation facility. Through the TAP, local and regional governments receive support to develop concepts into low risk, high feasibility, high impact sustainable infrastructure projects. Local and regional governments worldwide are invited to submit their climate projects from now until 10 November 2018.
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. According to the International Institute of Applied Systems Analysis, climate projects will need USD 480 billion in additional funding to meet the goal of the Paris Agreement. This gap is not due to a lack of interested investors.
Philippe le Houerou, CEO of the International Finance Corporation (IFC) wrote in 2016: “There has never been a better time to invest in climate solutions”, citing the stable environment promoted by the Paris Agreement and increased interest in sustainable development worldwide. The reason for this discrepancy is simple. According to a report authored by the Cities Climate Finance Leadership Alliance (CCFLA), there is actually a shortage of bankable projects.
The TAP therefore strives to help projects improve their bankability by increasing their visibility to potential investors, introducing them to project preparation facilities, or helping them connect with specifics tools or services that can increase the maturity of their proposed project.
The most recent call for applications was announced at the Global Climate Action Summit on 13 September 2018 and is open until 10 November, 2018. Local and regional governments interested in applying to the TAP can open an account and start the application process at tap-potential.org/register.