Transforming London into a Zero-Carbon City
The City of London Corporation is making significant strides in its environmental efforts, achieving a 66% reduction in net carbon emissions since the 2018/19 period. This impressive achievement aligns with its goal to reach net-zero operational emissions by 2027.
According to the latest Climate Action Strategy report, this reduction was primarily achieved through enhanced energy efficiency and the adoption of clean energy in its major buildings, including landmarks like the Barbican Centre and the Guildhall headquarters.
Chris Hayward, the City of London Corporation’s policy chairman, emphasized the urgency of addressing the climate crisis and called for collaborative efforts within the Square Mile to continue leading in climate action.
Key strategies contributing to this reduction include improvements in building lighting, ventilation, heating, cooling, and insulation. Additionally, a significant power purchase agreement with Voltalia, a global energy provider, has been instrumental, with the City Corporation committing to buying all electricity from a solar farm in Dorset. This move not only meets over half of the Corporation’s electricity needs but also results in substantial annual energy savings.
Since 2018, the shift to 100% renewable electricity has earned the City Corporation recognition as an ‘A-List climate action leader’ by the Carbon Disclosure Project. In 2021, a contract with Vital Energi was awarded for energy retrofits in iconic buildings like the Barbican Centre, expected to save £500,000 annually.
Financial investments have also played a part, with a 25% reduction in financed emissions last fiscal year, largely due to the Corporation’s fund managers participating in the Net Zero Asset Initiative. This initiative focuses on identifying investment risks from climate change and aligning portfolios with a net-zero pathway.
The report further highlights a 30% decrease in emissions within the City Corporation’s Pension Fund since 2021/22, marking a comprehensive approach to tackling climate change.