In 2009 the Portuguese city of Almada set up the “Less Carbon Climate Fund” which aims at reducing Almada’s carbon footprint by financing energy efficiency and renewable energy investments.
Almada’s Local Development Strategy has been framing the local activity for the last three decades. Each decade has been devoted to a particular issue related to the local needs and reality of the moment. Currently, the Almada City Council is focused on ensuring high environmental quality of its activities, using natural resources efficiently and promoting energy efficiency to foster energy transition leading to a low carbon city. Its motto: “Almada+: Sustainability, Solidarity and Eco-Efficiency”.
The Local Development Strategy comprises a number of initiatives, including setting up of the “Almada Less Carbon Climate Fund” in 2009, which aims at reducing Almada’s carbon footprint by financing energy efficiency and renewable energy investments.
The Almada Less Carbon Climate Fund is a voluntary financial scheme supported by a simple economic valuation of the carbon emissions generated by the municipality’s regular activities. The fund ensures that costs associated with carbon emissions are internalised and contribute to their compensation.
Almada has been successfully using the fund to increase energy efficiency investments, resulting in a clear net financial benefit for the municipality. Additional benefits include improved resource efficiency, lower energy bills and management costs as well as enhanced local green economy activities. The Fund also complements national and European funding sources.
After seven years of successful operation, the fund is now being redesigned and upgraded - it will become a revolving fund. This means that the cost savings resulting from implemented energy efficiency measures will directly be redirected to the fund, ensuring leverage and boosting further investments in the city’s energy transition.
|Almada takes part in the INFINITE Solutions project - developed and led by Energy Cities - which aims at sharing and testing innovative solutions for financing the local energy transition.|
For more information on the Almada Less Carbon Climate Fund, please consult the INFINITE Solutions project website.