The Z Zurich Foundation, a Swiss-based charitable foundation established by members of the major global insurance player, Zurich Insurance Group, has provided initial funding of $500,000 as part of a multi-year commitment to the North America Climate Resilience Program.
The program was designed to strengthen climate resilience, as well help address social inequities in vulnerable communities seeking additional investors to fund the work that needs to be done in those communities.
In addition, the program will initially focus on protecting vulnerable communities in five U.S cities, including Boston and Houston.
Zurich North America – a division of Zurich, will help administer the overarching program with the global-city organisation, Resilient Cities Network (R-Cities), which will identify neighbourhoods, convene community and government partners, and deploy its Resilient Community Impact Fund (RCIFund) to catalyse direct investment into projects.
Bringing 10+ years of urban resilience experience, R-Cities also has a strong connection to cities through its global network of Chief Resilience Officers (CROs).
In a press release, Zurich North America said the RCIFund was developed to “deploy catalytic, grant-based funding for cities to support existing resilience strategies around the globe.”
Addressing the RCIFund, Gregory Renand, Head of the Z Zurich Foundation said: “The RCIFund is an important tool to gather the much-needed resources to finance projects on the ground in these communities. Real success, however, will depend on additional investments from like-minded peers, which is why we’re calling upon others to join us to create more climate-resilient communities and address social inequity.”
However, the RCIFund is seeking minimum donor contributions of $250,000 to any pool or sub-fund, which could be dedicated to up to five projects in any R-Cities member city that has a resilience strategy and CRO.
“We are calling investors interested in the long-term economic vitality and resilience of urban places to join us in this important effort,” said Sylvester Turner, Houston Mayor & Chair of Resilient Cities Network Board.
“The Z Zurich Foundation has taken a bold step in committing to support urban infrastructure that delivers toward climate and social equity goals. Cities have these types of projects ready to go; it’s now on funders to come to the table.”
