- Investor Watch -
Published October 27, 2020
The City of London Corporation has announced plans to make the Square Mile net zero carbon emission by 2040 in line with science-based targets.
The plans are part of the global financial centre’s Climate Action Strategy. They aim to achieve net zero 10 years earlier than UK government goals.
Under the strategy, the City will invest £68 million fighting climate change over the first six years, creating 800 green jobs.
According to local authority figures, 77% of councils say they are planning towards net zero operation by 2050 and 23% by 2030. The City Corporation is set up on a different statutory basis from other local authorities. It owns and manages a portfolio comprised of 628 property assets, with net assets of £2.3bn. It also maintains around 10,000 acres (40 km2) of public green spaces. This means the City Corporation can therefore make more direct decisions on how to reduce carbon emissions.
The corporation has updated planning regulations to ensure new developments include carbon reduction plans in their designs and encourage more sustainable buildings, including green roofs and walls.
The Corporation has also joined up with other large Square Mile businesses to set up a new Climate Action Fund which will invest in low or zero-carbon technologies for use across the City.
The area itself will be redesigned to include more traffic-free areas for walking and cycling. The plan will see wider pavements, new parks, and flood-resistant road surfaces installed. Sustainable land management practices will be used at some of the area’s parks and open spaces.
The City Corporation has committed to achieve net zero carbon emissions in its own operations by 2027 and 2040 across its investments and supply chain in line with the Paris Agreement goals. The City Corporation will be the first UK governing body to have a fully funded net zero commitment that covers all categories of emissions.
Tags carbon emissions city of london Climate Action Strategy Net Zero