This glossary supports city administrations, project developers, and stakeholders within the EU Mission for Climate-Neutral and Smart Cities and other local climate initiatives. It explains financial and technical terminology used in preparing, structuring, and financing urban net-zero projects, with references to mission tools like Climate City Contracts, the Finance Guidance Tool, and the Climate City Capital Hub

A

Adaptation Measures
Actions that strengthen a city’s resilience to current and projected climate impacts. These include both structural interventions (e.g., green roofs to reduce heat stress, flood retention basins, nature-based solutions for stormwater) and governance measures (e.g., heatwave early warning systems). In project finance, adaptation measures often require blending grant funding and concessional capital due to limited direct revenue streams but can yield avoided-cost benefits (e.g., reduced flood damage or insurance premiums).

Additionality
The extent to which a project or financial intervention delivers outcomes that would not have occurred without it. In climate finance, additionality ensures that emission reductions, adaptation impacts, or financial mobilization are truly incremental  a critical concept when applying for EU or international funds. For cities, demonstrating additionality strengthens funding proposals by proving unique impact beyond baseline municipal operations.

Anchor Investor
A leading institution (often a development bank or impact investor) that commits early capital to a city project fund or green bond issuance. Their participation enhances credibility and helps attract private co-investors by signalling confidence in the project’s quality and governance.

Appraisal Report
A comprehensive evaluation of a project’s technical, economic, financial, and social aspects conducted before investment approval. For municipal climate projects, appraisal determines eligibility for climate-aligned funding (e.g., EIB Climate Bank Roadmap) and supports internal city budget decisions.

Asset Class
A category of investment (e.g., infrastructure debt, equity, municipal bonds, or real estate). Understanding asset classes helps cities design projects that align with investor preferences  for instance, energy efficiency retrofits may fit into green debt instruments, while urban innovation hubs may attract equity-style venture capital.

Asset Recycling
A fiscal strategy where cities lease, sell, or concession existing public assets (e.g., parking facilities, utilities) to generate capital for new net-zero infrastructure. While politically sensitive, it can unlock funding for green investments if transparency, value-for-money, and reinvestment safeguards are ensured.

Availability Payments
Regular payments made by a city or public entity to a private partner in a Public–Private Partnership (PPP), conditional on the asset being available and meeting performance standards. This model is relevant for urban mobility, street lighting, or energy-efficiency retrofits, where user revenue is insufficient to recover costs.

B

Bankable Project
A project that meets the risk, return, and governance requirements of financiers and investors. For cities, bankability involves having a clear revenue model (e.g., tariffs, leases, savings), a robust feasibility study, secure permits, and credible implementation arrangements. Bankability does not necessarily imply commercial profitability  it means the project’s financial and non-financial risks are well understood, mitigated, and transparently allocated.

Baseline Scenario
The “business-as-usual” trajectory of emissions, costs, or infrastructure performance without the project. Establishing a baseline enables quantification of benefits  such as emission reductions or cost savings  which underpin climate finance applications and impact reporting.

Blended Finance
A financing approach that uses concessional public or philanthropic funds to de-risk and attract private capital. For city projects, this often means grants covering project preparation or first-loss guarantees lowering perceived risk. The EU’s InvestEU and ELENA facilities are key examples where blending helps municipalities access private financing for climate-neutral infrastructure.

Bond Rating
An independent credit assessment (by Moody’s, S&P, Fitch, or national agencies) reflecting the city’s or project’s likelihood of repaying debt. Higher ratings (investment grade) reduce borrowing costs. Cities may seek shadow ratings from agencies or national treasuries to demonstrate readiness for bond issuance, including green bonds.

Budget (Municipal)
An annual or multi-year financial plan detailing a city’s expected revenues and expenditures. For net-zero projects, integrating capital investment into the capital budget and ensuring recurring costs (maintenance, OPEX) fit within the operating budget is essential. Budget credibility and transparency are fundamental to improving city creditworthiness.

Build–Operate–Transfer (BOT)
A PPP model in which a private partner finances, constructs, operates, and maintains an infrastructure asset for a set period before transferring it to the city. For example, a private firm may build and operate an electric bus depot, recovering costs through availability payments.

C

Capacity Building
Efforts to strengthen institutional, human, and technical capacities in cities to design, implement, and manage climate finance projects. Within the NZC context, capacity building includes access to technical assistance, training on financial modelling, project documentation, and investor engagement through the Climate City Capital Hub.

Capital Budget
The portion of the municipal budget dedicated to long-term investments in infrastructure or assets. A well-structured capital budget differentiates between revenue-generating projects (e.g., district energy systems) and public goods (e.g., parks), guiding cities on financing sources  loans, grants, or public–private mechanisms.

Carbon Pricing
A policy tool that assigns a financial value to carbon emissions, internalising climate costs into economic decisions. Cities can integrate carbon pricing signals into investment appraisal, procurement, or local tax policy to align budgets with climate neutrality goals.

Carbon Market
A regulated or voluntary system for trading carbon credits or emission allowances. For cities, carbon markets can create additional revenue streams  for instance, through verified emission reductions from energy efficiency programs or landfill gas capture projects.

Cash Flow Forecast
A financial projection of cash inflows and outflows over time. In city project finance, a credible cash flow forecast demonstrates repayment capacity for loans or bonds and underpins financial models submitted to potential investors.

Climate City Contract (CCC)
The central governance instrument for cities under the EU Mission for Climate-Neutral and Smart Cities. The CCC articulates the city’s pathway to climate neutrality by 2030, combining political commitment, action plans, and investment strategies. It serves as an umbrella investment plan linking city-level action to funding mechanisms and private investor engagement.

Climate City Action Plan (CCAP)
A detailed implementation plan under the CCC that specifies priority projects, financing strategies, and governance arrangements. It bridges planning and finance, providing the foundation for pipeline development and access to the Climate City Capital Hub.

Climate City Capital Hub (CCCH)
An NZC support platform that connects cities with investors, technical assistance providers, and financiers to advance investment-ready projects. The Hub supports project preparation, bankability assessments, and investor matchmaking.

Climate Finance
Financial resources mobilised for climate mitigation and adaptation activities. For cities, climate finance can come from EU instruments, national climate funds, DFIs (like EIB, EBRD, or KfW), and private sources. Cities must demonstrate alignment with climate objectives, impact metrics, and financial sustainability.

Climate Risk
The financial and operational exposure of city assets, services, or revenues to physical climate impacts (floods, droughts, heat) and transition risks (policy, technology, market shifts). Assessing climate risk informs both investment prioritisation and fiscal resilience strategies.

Co-financing
When multiple financiers jointly fund a single project. In urban climate infrastructure, co-financing typically combines EU or national grants, DFI loans, and municipal equity contributions to reach full project funding requirements.

Concept Note
A concise project summary outlining objectives, expected outcomes, financial needs, and alignment with climate and mission goals. It is often the first document cities develop when presenting projects to the Capital Hub, DFIs, or EU facilities. A well-prepared concept note is the foundation for technical and financial assistance mobilisation.

Concessional Loan
A loan with below-market interest rates or extended repayment terms, typically from development banks or national climate funds. For cities, concessional finance can bridge affordability gaps or make early-stage innovation viable, complementing commercial capital in blended structures.

Credit Enhancement
Techniques that improve a borrower’s or project’s risk profile to attract financing  such as guarantees, insurance, or reserve accounts. For cities with limited credit ratings, credit enhancement mechanisms (e.g., partial risk guarantees) can make green bonds or PPPs feasible.

Creditworthiness (City)
A city’s ability and willingness to meet financial obligations, shaped by fiscal discipline, stable revenue streams, transparent reporting, and sound debt management. Improving creditworthiness opens access to commercial financing and allows cities to issue bonds directly or via pooled financing vehicles.

D

Debt Instrument
A contractual obligation representing borrowed funds that must be repaid with interest (e.g., loans, bonds, promissory notes). Cities typically use debt instruments to finance long-term infrastructure where benefits accrue over time, aligning repayment with asset life.

Debt Service Coverage Ratio (DSCR)
A measure of a project’s ability to service its debt from operating income. A DSCR above 1.2–1.3 is typically required for infrastructure projects. Understanding this ratio helps city finance teams evaluate loan affordability and negotiate terms with lenders.

De-risking
Strategies used to reduce real or perceived risks in climate projects  through guarantees, political risk insurance, or revenue support mechanisms. Cities can use EU or DFI-backed facilities (e.g., EIB guarantees) to make projects more attractive to private financiers.

Development Finance Institution (DFI)
Public or quasi-public banks that provide finance to projects advancing sustainable development goals (e.g., EIB, EBRD, AFD, KfW). For cities, DFIs are key partners in co-financing and technical assistance, helping structure projects to meet international standards.

Discount Rate
The rate used to translate future cash flows or benefits into present value terms. Cities use discount rates in cost-benefit and financial analyses to determine whether a project delivers sufficient returns compared to alternative uses of capital.

Do No Significant Harm (DNSH)
An EU principle ensuring that environmental projects do not adversely affect other environmental or social objectives. For cities, DNSH compliance is mandatory for accessing EU funds under the Green Deal or Taxonomy-aligned instruments.

Due Diligence
A rigorous evaluation process by financiers assessing project risks, governance, technical soundness, and financial structure. In city projects, this includes checking regulatory permits, institutional capacity, revenue assumptions, and climate impact metrics. Successful due diligence is a milestone before financial close.

E

Economic Appraisal
A comprehensive assessment comparing a project’s costs and benefits to determine its value to society. For cities, this ensures infrastructure investments (e.g., low-emission transport or district heating) generate wider socio-economic and environmental benefits beyond financial returns  key for justifying public and EU funds.

Economic Internal Rate of Return (EIRR)
A metric used to assess a project’s overall efficiency and social value, incorporating externalities like emission reductions or health improvements. Development banks and donors often require EIRR analyses to assess climate project eligibility.

Economic Viability
Determines whether a project generates overall societal benefits that outweigh costs. Cities use it to justify climate projects that may not yield direct revenues but create long-term savings or resilience benefits (e.g., flood protection, air quality improvements).

Emission Reduction (Mitigation)
Quantified decrease in greenhouse gas emissions resulting from specific interventions  such as switching to renewable energy or electrifying public transport. For cities, credible emission reduction estimates underpin funding access through climate funds and performance-based finance.

Environmental and Social Impact Assessment (ESIA)
A systematic process identifying potential environmental and social consequences of a proposed project. For city projects, a compliant ESIA (aligned with EU Environmental Directives or DFI standards) is often a prerequisite for financing.

Equity Financing
Raising capital through the sale of ownership stakes in a project or company. In city projects, equity investors (e.g., infrastructure funds) may co-own assets such as renewable energy systems under a PPP or SPV arrangement.

Exit Strategy
A plan for investors or project sponsors to recover their capital and profits  commonly through refinancing, sale, or handover. Cities should consider exit pathways early in PPP design to ensure continuity of public service and fiscal stability.

F

Feasibility Study
A multidisciplinary assessment (technical, economic, environmental, social, and financial) determining whether a proposed city project is viable and bankable. For NZC cities, feasibility studies form a key output of project preparation supported by the Climate City Capital Hub or Project Preparation Facilities.

Financial Close
The point when all financing agreements are signed and funds become available, allowing construction or implementation to begin. Achieving financial close confirms investor confidence in the project’s structure, documentation, and risk allocation.

Financial Modelling
The creation of quantitative projections for revenues, costs, financing, and returns. For cities, financial models are essential to test affordability, assess viability gap needs, and negotiate financing terms. Tools such as the NZC Finance Guidance Tool guide cities in understanding model inputs and outputs.

Financial Structuring
Designing the combination of financial instruments (loans, grants, equity, guarantees) that fund a project. For municipal projects, structuring often aims to balance concessional finance with commercial investment, ensuring affordability while attracting capital.

Fiscal Space
The budgetary capacity of a city to take on new spending or debt without jeopardizing financial sustainability. Climate investments must be designed to fit within fiscal limits and avoid excessive long-term liabilities.

Fixed vs. Variable Costs
Fixed costs (e.g., loan repayments, staff) remain constant regardless of output, while variable costs change with project activity (e.g., energy use). Cities use this distinction to assess operational sustainability and tariff design.

Financial Intermediary
An entity that channels funds from financiers to projects, such as a national development bank or green investment fund. For cities, intermediaries simplify access to capital by aggregating multiple smaller projects into investable portfolios.

G

Green Bonds
Debt instruments issued to finance environmentally sustainable projects. Cities can issue green municipal bonds or join pooled structures, provided proceeds are tracked and reported according to recognized standards (e.g., ICMA Green Bond Principles, EU Green Bond Standard).

Green Budgeting
Integrating climate and environmental considerations into municipal budgeting processes  identifying, tracking, and prioritizing expenditures contributing to climate neutrality.

Green Investment Plan
A medium-term plan outlining how a city intends to fund and implement climate-related projects. It often aligns with the Climate City Contract and guides engagement with financiers and the Capital Hub.

Guarantee Mechanism
A financial instrument providing assurance to investors or lenders against specific risks (e.g., default, policy change). Guarantees help lower borrowing costs for municipalities and make blended finance possible.

Governance Risk
Risks associated with weak institutional capacity, unclear accountability, or lack of transparency in project implementation. Strengthening governance frameworks enhance investor confidence and eligibility for funding.

H

Hybrid Financing
Combining different forms of capital such as grants, loans, and equity  to achieve optimal project financing. For example, a city energy retrofit programme may use grants for feasibility studies, concessional loans for implementation, and equity for operating entities.

Hedging
Financial strategies used to mitigate exposure to variables such as interest rate or currency fluctuations, particularly relevant for cities borrowing in non-euro currencies.

Human Capital Investment
Capacity building and staffing investments that enable a city to plan, manage, and monitor climate projects effectively  often supported through technical assistance funds.

 

I

Impact Investing
Investing with the intention to generate measurable social and environmental benefits alongside financial returns. For cities, this aligns with mission objectives and can mobilize private investors focused on outcomes such as energy savings or inclusion.

Incentive Mechanism
Policy or financial tool used to encourage desirable investment behavior (e.g., tax reliefs for green buildings, subsidies for EV infrastructure).

Institutional Investor
Large entities (e.g., pension funds, insurance firms) managing long-term capital. To attract them, city projects need to be aggregated and investment-grade with clear ESG performance.

Internal Rate of Return (IRR)
The discount rate at which a project’s net present value equals zero. A key indicator for investors assessing profitability  cities use IRR analyses to understand what level of return may be necessary to crowd in private capital.

Investment-Grade
Projects or borrowers rated as low risk by credit standards, suitable for institutional investors. Many cities strive to reach investment-grade status through fiscal discipline and transparent reporting.

Investment Logic Framework (ILF)
A structured tool linking a project’s rationale, expected benefits, and funding logic. Within NZC, ILFs help cities align their project portfolios with overarching climate neutrality missions.

J

Just Transition
A framework ensuring that the shift to a green economy is fair, inclusive, and socially equitable. Cities must consider potential job losses or inequality impacts and integrate retraining, affordable housing, and participatory governance measures into net-zero planning.

K

Key Performance Indicators (KPIs)
Quantitative metrics used to monitor and evaluate project outcomes (e.g., CO₂ reduced per year, energy saved, households served). For financing, KPIs form the basis for performance-based payments and MRV systems.

Knowledge Sharing Platform
A structured space (digital or physical) where cities exchange lessons and data on project financing. The NetZeroCities Portal functions as such a platform, accelerating replication and scaling.

L

Leverage (Financial Leverage)
Using a small amount of concessional or public capital to attract larger private investments. In NZC contexts, leverage ratios indicate how effectively public funds mobilize private capital.

Lifecycle Costing (LCC)
Assessing the total cost of an asset across its life  including design, construction, operation, maintenance, and disposal. Cities use LCC to ensure cost-effectiveness and sustainability in public procurement.

Liquidity Risk
The risk that a city or project cannot meet short-term financial obligations. Active cash management mitigates this, especially during construction phases with uneven inflows.

M

Monitoring, Reporting, and Verification (MRV)
A standardized process for tracking and validating project results, including emission reductions, energy savings, and social outcomes. MRV builds transparency and accountability, vital for performance-based and climate finance instruments.

Municipal Bonds
Debt securities issued by local governments to finance infrastructure. Green municipal bonds target sustainability-linked investments; cities must have robust disclosure frameworks to access this market.

Multilateral Development Bank (MDB)
International banks (e.g., EIB, World Bank, EBRD) providing loans and grants for development and climate projects. MDBs often co-finance city projects and provide technical assistance.

Medium-Term Expenditure Framework (MTEF)
A fiscal tool linking policy priorities with multi-year budget ceilings. Integrating climate objectives into the MTEF helps cities institutionalize climate budgeting.

N

Nationally Determined Contributions (NDCs)
Country-level climate targets under the Paris Agreement. City projects aligned with NDC priorities are more likely to access national and international climate finance.

Net Present Value (NPV)
The difference between the present value of cash inflows and outflows over time. Cities use NPV to determine if projects add value, factoring in risk-adjusted discount rates.

Net-Zero Pathway
The sequence of actions and investments a city undertakes to reach climate neutrality. It aligns technical, financial, and governance milestones within the Climate City Contract.

O

OPEX (Operational Expenditure)
The ongoing costs of running infrastructure, including energy, staff, and maintenance. Sustainable project design ensures OPEX can be covered by revenues or savings, not just capital grants.

Own-Source Revenue (OSR)
Funds raised directly by cities through taxes, fees, or charges. Strong OSR enhances fiscal autonomy and creditworthiness, supporting greater borrowing capacity.

Offtake Agreement
A contract guaranteeing future purchase of a project’s output  such as renewable energy or treated wastewater. These agreements provide revenue certainty critical to project bankability.

P

Pay-for-Performance Finance
A financing model where disbursements depend on verified results  such as emission reductions or energy efficiency improvements. Cities can use this model to attract impact-oriented investors.

Pipeline Development
The process of identifying, prioritizing, and structuring a sequence of projects ready for investment. The NZC Capital Hub supports pipeline development by screening and refining city projects.

Political Risk
Uncertainties stemming from policy changes, governance instability, or regulatory delays that can affect project outcomes. Investors assess city political risk through governance indicators and track record.

Portfolio (Project Portfolio)
The collection of climate or infrastructure projects managed by a city. Portfolio approaches enable aggregation, risk diversification, and strategic investment alignment with mission goals.

PPP (Public–Private Partnership)
A contractual arrangement between public and private sectors for delivering infrastructure or services. Successful PPPs balance value-for-money, risk allocation, and transparency. In cities, common PPPs include street lighting, district energy, or waste treatment.

Project Preparation Facility (PPF)
Institutional mechanisms (e.g., EIB’s ELENA, EU City Facility) that provide technical assistance and early-stage funding to move city projects from concept to bankability.

Project Readiness Level (PRL)
A framework assessing how advanced a project is along the preparation cycle  from concept to financial close. NZC cities use PRL-type criteria within the Capital Hub to prioritize support.

Q

Quantification Methodology
The standard or model used to measure emissions reductions, cost savings, or social impacts. Using recognized methodologies (e.g., ISO 14064, GHG Protocol) enhances investor confidence and MRV quality.

R

Revenue Model
The structure by which a project generates income  through tariffs, service fees, savings, or availability payments. Cities must demonstrate sustainable revenue models to attract investors and ensure project longevity.

Refinancing
Replacing existing debt with new financing, often at better terms once project risks decline post-construction. Cities can use refinancing to lower costs or free up capital for new investments.

Resilience Dividend
The economic and social co-benefits achieved by investing in climate-resilient infrastructure  such as avoided disaster losses, improved livability, or increased investor confidence.

Risk Allocation Matrix
A planning tool identifying each risk (technical, financial, environmental), its probability, and which party bears it. Essential for PPP structuring and DFI financing.

S

Securitization
Converting a pool of assets or receivables (e.g., energy savings contracts) into tradable securities. Municipal aggregators can use securitization to scale distributed green projects.

Sovereign Guarantee
A national government’s legal commitment to repay or backstop municipal or project loans in case of default. It can enhance city credit profiles but requires national authorization.

Stakeholder Engagement
A continuous process of involving citizens, private sector actors, and community organizations in planning and implementation. Effective engagement builds legitimacy and reduces project risks.

Subnational Borrowing Framework
National regulatory environment governing how cities can access debt. Understanding this framework is essential for designing legally compliant municipal finance strategies.

Sustainable Development Goals (SDGs)
The UN’s framework of 17 global goals. Aligning city investments with SDGs strengthens access to sustainability-linked finance.

T

Technical Assistance (TA)
Non-financial support provided to improve project preparation, governance, and execution. NZC TA can include feasibility studies, financial modelling support, and capacity building through the Capital Hub or external facilities.

Term Sheet
A non-binding summary of key financial and contractual terms of an investment or loan. For cities, term sheets help negotiate with financiers before full legal documentation.

Transaction Advisory Services
Specialist consultancy assisting cities in structuring deals, managing procurement, and allocating risks. TA and transaction advisors bridge technical and financial perspectives.

Transition Finance
Financing for activities that are not yet fully green but are essential to a city’s transition toward climate neutrality (e.g., retrofitting fossil-dependent systems to lower-emission alternatives).

U

Urban Resilience
A city’s capacity to anticipate, absorb, and recover from shocks  climate-related, economic, or social. Financing resilience often requires blending public funding with innovative insurance and adaptation instruments.

User Fee
A charge paid by beneficiaries of a public service (e.g., transport fare, water tariff). Sustainable user fee design is critical to ensure cost recovery without compromising affordability.

V

Value for Money (VfM)
A comparative assessment ensuring that a chosen procurement or PPP model delivers the best balance of quality, cost, and risk. It underpins public investment decisions and DFI financing approvals.

Viability Gap Funding (VGF)
Public subsidies or grants used to close the financial shortfall of projects that are economically justified but not commercially viable. For cities, VGF is key for attracting private participation in low-return but high-impact infrastructure.

W

Weighted Average Cost of Capital (WACC)
The average rate of return expected by all capital providers (debt and equity). Cities use WACC in financial models to assess project affordability and pricing.

Working Capital
Funds available to cover short-term operational expenses. In municipal projects, working capital ensures continuity during implementation delays or revenue fluctuations.

X–Y–Z

Yield
The income return on an investment, expressed as a percentage of its cost or market value. Understanding yield helps city officials interpret investor expectations and market conditions.

Zero-Emission Infrastructure
Urban systems (e.g., transport, buildings, energy) that operate without emitting greenhouse gases. Financing zero-emission infrastructure is central to achieving NetZeroCities’ climate neutrality targets.

Zero-Emission Zone (ZEZ)
Designated areas within a city where only zero-emission vehicles or services are permitted. Implementing ZEZs requires integrated planning, monitoring, and investment in enabling infrastructure.


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