Financing climate innovation is one of the topics of the "Innovating for Climate Change & Sustainability Toolkit" which is being developed under the Erasmus+ Project "Collective Innovation to Fight Climate Change". 

The projected market value losses could rise by more than 200% if warming reaches 5°C as compared to 1.5°C. The socioeconomic impacts from climate change and extreme weather will be felt differently across different sectors. Research suggests that every dollar invested in climate adaptation could result in 2 to 10 USD of net economic benefit. So, investing in sustainable environment and innovation climate solutions is financially and strategically one of the best decisions for the companies including SMEs but the reality is slightly different.

Within the framework of the Fight Climate Change project, the cluster member KISMC participates in, a survey was conducted in the period January - March 2022, which aimed to obtain indicative information about the readiness, commitment and needs for doing business or implementing projects in such sensitive thematic areas as "fighting climate change" , "green transition" and "circular economy".

The responses received, while not claiming to be representative, nevertheless contributed to a better understanding of the opportunities and challenges for conducting and doing business in these areas. 

Dimitar Hristov - Chairman of the Board of Cluster Sofia Knowledge City

This month (December 2022) Cluster Sofia Knowledge City turns six years since its creation. On 25.10.2016, twenty five legal entities incl. companies, scientific institutes and a university signed a contract for the creation of a consortium under Trade Law with the aim of implementing a project to transform Sofia into a city of knowledge.

A little later, on 19.12.2016, a decision was made to re-register this consortium into an association under the Law of non-governmental organisations.

More than one year ago, on March 2021, the research company ESI ThoughtLab released Smart City Solutions for a Riskier World, a forward-looking study that provides city decision-makers with an evidence-based playbook for driving better social, environmental, and economic outcomes in today’s transformed world. A team of 30 economists and subject matter experts assessed the impact of technological, economic, and demographic shifts on cities.

The research, based on a survey of 167 city leaders from 82 countries around the world, dramatically underscores the vital role of technology, data, partnerships, and citizen engagement in enabling municipalities to helping give rise to a new class of cities-Cities 4.0.