Commission to identify Green Investment opportunities
Initial analysis by the Climate Investment Commission of UK city climate plans shows that meeting net zero in London and also the UK’s Core Cities could bring up to £330 billion of investment in to the UK.
London Councils and also the UK’s 11 Core Cities, combined with the innovation body Connected Places Catapult, are going to launch the UK Cities Climate Investment Commission during an event at London Climate Action Week. Before the launch, the weather Investment Commission has published research from environmental consultancy Eunomia which estimates that between £110 billion and £330 billion of green investment is needed to meet net zero within the UK’s core cities.
The research shows that domestic retrofit, or making homes more energy efficient, is likely to present the biggest investment opportunity. This really is accompanied by decarbonising transport, the retrofit of commercial buildings, producing renewable electricity, and decarbonising the methods cities collect and get rid of waste.
The report also sets out a range of financing sources currently being considered by municipality, such as municipal community investment bonds, carbon offsetting payments, workplace parking levies and collection charges for contaminated recycling.
Both London Councils and Core Cities UK have stated that they're facing a funding emergency in addition to a climate emergency, underscoring the significance of the forthcoming work, and also the engagement of government in this endeavour.
Susan Aitken, leader of Glasgow City Council, said: "Today's first stage launch reveals massive possibilities to create green growth and thousands of jobs across London and also the Core Cities. I am looking forward to showcasing a few of these at COP in Glasgow in November. Together London Councils and Core Cities are the place to find almost $ 30 million people. It is vital that we play our full role for making sure they are not left behind and play a vital role on our journey to net zero."
