BARCELONA RESILIENT AND SUSTAINABLE CITY II

Promoter – Financial Intermediary

AJUNTAMENT DE BARCELONA

Location

• Spain

Description

Framework Loan to support the implementation of the 2024-2027 multi-annual investment strategy of the Municipality of Barcelona, and supporting the implementation of the Resilience Model and Climate Plan of the City. The project includes, among others, investments in urban renewal and regeneration, including green areas and open spaces, public buildings, sustainable mobility, and the water sector.

Additionality and Impact

This Project is a sub-operation under the 2024-0437 - EU CNC MISSION CITIES LENDING ENVELOPE (approved by the Board of Directors in September 2024), aiming at co-financing the Action Plans and Investment Plans of EU Cities labelled under the EU Mission - Climate Neutral and Smart City (CNC EU Mission). This Project comprises a multi-sector Framework Loan supporting the investment programme of the municipality (PIM) of Barcelona (PIM 2024-2027 and subsequent) and supporting the implementation of the urban development strategies, including the City Climate Plan.

In this regard Barcelona is aiming at becoming climate neutral and a resilient city to climate change by 2030. This is in line with the urgency outlined in the Paris Agreement and establish the City as an international leader on climate action, demonstrating its commitment to achieving its climate neutrality by 2030. 

The Project is thus fully consistent with the European Green Deal target of ensuring no net emissions of greenhouse gases by 2050. It is also aligned to the existing European Commission proposals set to reduce net greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels.

The Project is consistent with the EU Framework for Urban Development and Regeneration. It is also aligned with the EU Energy Performance of Building Directive, the Energy Efficiency Directive as well as other EU Directives applicable to relevant sectors covered under this Project. Furthermore, the Project is consistent with the EIB strategies and guidelines related to eligible sectors, including the Bank's Urban Lending Review, the Energy Lending Policy, and the Transport Lending Policy.

The Project is aligned to the Climate Bank Roadmap. In this regard, the Project's contribution to the Bank's climate action and environmental sustainability objectives is estimated at approx. 54% of the total cost. The Project is also aligned to the EIB Gender Equality Strategy and Action Plan as it ensures that related project's designs take into consideration gender equality and foster women's economic empowerment. Accordingly, the Project complies with an EIB Significant Gender Tag.

The Project addresses a number of market failures and will bring important economic and social benefits, contributing to achieving a more integrated, sustainable, mixed and inclusive development, improving the living conditions of the citizens and other people visiting or living in the City. The Project will contribute to promoting progress toward multiple Sustainable Development Goals, the most significant one being the contribution to sustainable cities and communities.

 

The previous monitoring experience with the municipality of Barcelona is deemed as very good.

Finally, the availability of long-term finance for this type of investment programmes is a key contribution of the EIB, considering the long-term nature of the investments and its positive impact on the overall project cost. The EIB loan will include flexible drawdown terms and conditions adjusted to the investment horizon of the Project.

Objectives

The project is consistent with the EU Framework for Urban Development and Regeneration. It is also aligned with the European Green Deal, the EU Energy Performance of Building Directive and the Energy Efficiency Directive. The project is also consistent with the EIB strategies and guidelines related to eligible sectors, including the Bank's Urban Lending Review, the Energy Lending Policy, and the Transport Lending Policy. Furthermore, this project is deemed aligned with the Climate Bank Roadmap, and with a low carbon and resilient pathway, consistent with the Paris Agreement goals and principles. The project addresses a number of market failures and will bring important economic and social benefits, contributing to achieving a more integrated, sustainable, and inclusive development, improving the living conditions of the citizens and other people visiting or living in the city. The project will contribute to promoting progress toward multiple Sustainable Development Goals, the most significant one being the contribution to sustainable cities and communities.

Sector(s)

• Urban development - Construction

Proposed EIB finance (Approximate amount)

EUR 275 million

Total cost (Approximate amount)

EUR 554 million

Environmental aspects

The Promoter is deemed as having the adequate capacity to verify the compliance with the relevant EU Directives: EIA Directive 2011/92/EU as amended by Directive 2014/52/EU, SEA Directive 2001/42/EC, EU Habitats Directive 92/43/EEC, Birds Directive 2009/147/EC, and Water Framework Directive (WFD) 2000/60/EC. Furthermore, for new and refurbished buildings, the Promoter is also deemed capable of ensuring the compliance with EU Directive on Energy Performance of Buildings.

Procurement

The Bank will require the Promoter to ensure that contracts for implementation of the Project have been or will be tendered in accordance with the applicable EU procurement legislation Directive 2014/23/EU / 2014/24/EU / 2014/25/EU as well as Directive 92/13/EEC or Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.

Status

Signed - 5/03/2025