City sets 2040 net-zero date

Plans to make the Square Mile net-zero by 2040 have been revealed by the City of London Corporation as it unveils its Climate Action Strategy.

Founded on science-based targets, the Climate Action Strategy will invest £68m in fighting climate change over the first six years and create 800 new ‘green’ jobs. Changes to planning regulations will also ensure new developments include carbon reduction plans in their designs and encourage more sustainable buildings including green roofs and walls.

To help accelerate this, there will be a new Climate Action Fund, a joint City Corporation and businesses entity, to co-invest in low or zero-carbon technologies, that will lead to decreasing carbon emissions across the City.

Catherine McGuinness, policy chair at the City of London Corporation, said: “Working in partnership with City firms we will strengthen our position and become a world leader in the climate change fight. This is about boosting our economy, protecting our natural and built environment and tackling climate change head on.”

As part of the plans, the City Corporation has itself committed to achieve net-zero carbon emissions in its own operations by 2027 and 2040 across its investments and supply chain, linking all investments to the Paris Agreement goals.

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