Meeting net zero in London and the UK’s Core Cities could bring up to £330bn of investment into the UK, new analysis has revealed.
Analysis of UK city climate plans by the UK Cities Climate Investment Commission shows that domestic retrofit is likely to present the largest investment opportunity. This is followed by decarbonising transport, the retrofit of commercial buildings, producing renewable electricity, and decarbonising the ways cities collect and dispose of waste.
The Commission has been launched by London Councils, the UK’s 11 Core Cities and Connected Places Catapult to identify a transformational programme of green growth for the UK’s cities.
Going forward, the Commission will explore potential financing mechanisms in depth, and deliver recommendations for how investment for net zero can be unlocked.
Mayor Philip Glanville, chair of London Councils’ Transport and Environment Committee, said: 'Low carbon investment in our cities will allow us to secure a wide range of benefits, not only lowering emissions but improving public health and reducing inequalities. We want this work to be an example for effective investment in further UK cities and towns in the future.
'Local government has a key role to play in reaching climate targets and achieving long term investment for tackling climate change in a way that leaves a positive legacy for our local communities. Only by working together and stressing the need for investment in net zero, from both government and private investors, can we begin to safeguard the environmental future of our cities and those who live, work and visit in them.'