Case
Green financing
Climate change adaptation
HOFOR - Greater Copenhagen Utility is the largest utility company in Denmark. One million Danes depend on our supplies. The company is owned by 8 municipalities, and the City of Copenhagen owns 73 per cent of the company.
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Climate change brings more frequent and heavier rainfall to Denmark. To avoid serious and expensive consequences for Danish cities, it is crucial to protect them from cloudbursts. This can be done by improving the rainwater management infrastructure through different projects.
Together, the City of Copenhagen and HOFOR (Greater Copenhagen Utility) have planned approximately 350 cloudburst projects both above and below ground. One of these is the cloudburst and urban space project Karens Minde Axis located in Copenhagen’s
Sydhavn district. Here, the retention of rainwater is combined with the development of parks and nature. The project will prevent flooding by directing water to where it causes the least possible damage. It is also expected to contribute positively to the biodiversity and species enrichment in the area.
The project is a great example of co-financing. The total budget was EUR 10.8 million (USD 11.4 million), of which EUR 6.6 million (USD 7 million) was funded by HOFOR (through the revenue generated from the water tariff the utility’s customers pay) and EUR 4.2 million (USD 4.4 million) was funded by the Municipality of Copenhagen (through taxes and urban space funds). The mandatory cost-efficiency calculations in 2015, prior to initiating the project, estimated that a conventional project would have cost approximately EUR 30 million (USD 31.7 million).
Featured image credit: Carsten Ingemann
This is a part of the white paper “Financing the Green Transition”. Discover Denmark’s plans to mobilise investments to accelerate the transition to a carbon-neutral and climate-resilient economy.
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