Master of Studies research
University of Cambridge, 2026. Abstract and findings.
Blueprints for city-led urban climate finance
How can a city mobilise climate investment through a delivery vehicle and keep a usable say over what that vehicle does in its name? The study traces three vehicles through their public records, Bristol City Leap, Angers Territoire Intelligent and Stockholm Exergi, each with at least €100m in programme requirement, contract value or realised investment within five years of launch.
Formal control proved a poor predictor of the agency a city can use. That agency came from the city's competence as a client and from information rights it could enforce. Revision served the public only while it stayed publicly legible, since flexibility otherwise shifts power to whichever party holds the information. Equity did not follow from bankability and had to be designed in.
Five design features
- Construct the aggregation object deliberately.
- Keep oversight enforceable and usable.
- Make revision governable and publicly legible.
- Treat data and platform governance as core infrastructure.
- Build social licence into delivery.




