European Smart Cities Hits Investment Milestone

London and five European partner cities have triggered investment of €250 million (US$302.8 million) in smart technologies through the Sharing Cities programme, newly released figures show.

Launched in 2016, the Sharing Cities project brings together 34 partners from across government, industry and academia to test and scale the use of smart technology and data to address urban challenges and support the shift to low carbon transport and buildings.

London, Lisbon and Milan are lighthouse cities which have implemented digital solutions such as retrofitted buildings, shared electric mobility services, energy management systems, smart lamp posts and data-sharing platforms. Bordeaux, Burgas and Warsaw are fellow cities which replicate solutions.

As well as proving technology for societal outcomes, the programme also seeks to ensure scale and longevity through exploring smart city business models and financing options.

Sharing Cities draws on €24.5 million in funding from the EU Horizon 2020 Smart Cities and Communities programme and has a target to reach €500 million in investment by the end of 2021. Ten low-carbon technology solutions have already hit 50 percent of their target investment from a mix of public and private funds.

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