Greece Accelerates Smart City Transition with EIB Advisory Backing
Greece is stepping up its game in the race toward climate-neutral urban development, with six pioneering municipalities now partnering with the European Investment Bank (EIB) under a newly inked advisory agreement. This forward-thinking move is poised to transform Athens, Thessaloniki, Kozani, Trikala, Ioannina, and Kalamata into smarter, greener cities that set a shining example across Europe.
Backed by the European Commission and channelled through the InvestEU Advisory Hub, this collaboration promises hands-on support tailored to each city’s unique challenges and ambitions. EIB experts will guide municipalities in crafting and implementing sustainable investment plans rooted in smart city infrastructure, renewable energy, and resilient, climate-friendly solutions.
A Strategic Leap Towards Urban Sustainability
The agreement, signed in Athens during a high-level event, marks a significant milestone in local governance. Present at the signing were EIB Vice-President Ioannis Tsakiris and mayors representing the six cities, alongside Patrick Child, Deputy Director-General for Environment at the European Commission and Mission Manager for the EU Climate-Neutral and Smart Cities Mission.
Tsakiris struck a chord with a timely message: “Achieving climate neutrality starts at the local level. Cities and regions are on the frontline of the green transition, but they often need advice to turn their ambitions into bankable investment plans.” He added: “With this agreement, the EIB, thanks to resources provided by the European Commission Climate Neutral and Smart Cities Mission, is stepping up to provide that support, helping municipalities across Greece unlock sustainable urban development through targeted advisory support, technical expertise and long-term partnership.”
Tailored Expertise, Long-Term Impact
Over the next 36 months, EIB Advisory experts will deliver bespoke support to each municipality. This won’t be a one-size-fits-all approach. Instead, cities will benefit from curated strategies, depending on their individual stage of readiness and existing urban infrastructure. The goal? To turn high-level goals into tangible investments that tackle everything from decarbonised transport to circular economy systems.
Key focus areas include:
- Sustainable urban mobility solutions
- Energy-efficient building retrofits
- Renewable energy deployment
- Nature-based and climate-resilient solutions
- Circular economy infrastructure
- Smart digital governance and IoT integration
Europe’s Urban Innovation Trailblazers
The initiative aligns seamlessly with the European Commission’s Climate-Neutral and Smart Cities Mission, part of the Horizon Europe framework. This mission aims to support 100 cities across the continent in reaching climate neutrality by 2030. The ambition? For these urban centres to become innovation testbeds, paving the way for broader EU-wide replication by 2050.
It’s not just an aspiration — it’s a binding commitment. These “mission-labelled” cities are tasked with driving integrated planning across sectors and harnessing partnerships with citizens, local businesses, investors, and research communities.
The Role of the InvestEU Advisory Hub
A key cog in this machinery is the InvestEU Advisory Hub, which functions as a matchmaking service for cities in need of guidance. It brings technical, financial, and strategic know-how to the table, improving the quality and viability of urban development projects.
The InvestEU programme as a whole plays a broader role in powering the EU’s sustainable transformation. It bundles together several previously separate funding instruments, simplifying access to finance. Comprising three pillars — the Fund, the Portal, and the Advisory Hub — it helps project developers turn vision into action.
Europe’s Climate Bank in Action
The EIB has emerged as a central player in Europe’s green transition. With nearly 60% of its annual financing now dedicated to climate mitigation, resilience, and environmental protection, the bank’s focus is clear. In 2024 alone, the EIB Group signed almost €89 billion in financing for over 900 projects, with a €2 billion lending envelope earmarked specifically for mission-labelled cities.
The bank’s Climate Bank Roadmap, aligned with the Paris Agreement, ensures all its investments stay within a 1.5°C global warming pathway. And its impact stretches far beyond climate. From energy security and digital innovation to social infrastructure and regional cohesion, the EIB’s influence is both broad and deep.
One particularly telling figure: over half of the EIB’s financing within the EU targets cohesion regions, including many in Greece. These are areas where per capita income falls below the EU average, and where investment has the most transformative potential.
From Policy to Pavement
Transforming a city into a smart, climate-neutral hub isn’t just about hitting net-zero targets. It’s about making life better. Cleaner air, lower energy bills, safer streets, and greener public spaces all stem from thoughtful investment in infrastructure and innovation. That’s where the EIB’s advisory support is crucial — not just financing projects, but helping cities set the foundation for long-term, integrated growth.
By supporting Greece’s municipal leaders at every stage — from feasibility studies to financial structuring — the EIB is empowering these cities to attract further investment, including from private sector partners who often wait on well-structured public projects before stepping in.
Europe’s Climate Journey
This partnership in Greece forms part of a wider tapestry of change unfolding across Europe. The EU Green Deal, the REPowerEU Plan, and Horizon Europe are collectively shifting the gears of climate action and innovation.
The EU Cities Mission isn’t just a policy framework. It’s a community of practice. Cities learn from each other, share their pitfalls and breakthroughs, and accelerate innovation together. And Greece, through its participating municipalities, is now an active contributor to that ecosystem.
Looking Ahead
As the dust settles on the signing ceremony, the real work begins. With the EIB offering steady guidance, Greek cities have a unique opportunity to leapfrog legacy systems and lay down future-ready foundations. From Athens’ bustling metropolis to Trikala’s digital innovation hub, each city has its own story — and this advisory support could be the catalyst that turns ambition into action.
The stakes are high, but so are the rewards. And if Greece can show that climate-neutral, smart urban living is not only possible but profitable, the ripple effects could shape the urban future of Europe.
