City of London commits to net zero by 2040

The City Corporation, the governing body of Square Mile, has pledged to invest £68 million in green measures and create 800 green jobs

The City of London has committed to reaching net zero by 2040, ten years ahead of the UK’s 2050 target.

As part of the plans, the City Corporation has pledged to achieve net zero carbon emissions in its own operations by 2027 and 2040 across its investments and supply chain respectively.

The ambitious plan aims to make the City Corporation the first governing body in the UK to have a fully-funded net zero commitment that covers all categories of emissions.

The corporation has unveiled plans to invest £68 million during the first six years of its commitment in measures focused on fighting climate change, including the development of more green space for walking, cycling and green buildings.

The plan is predicted to create 800 green jobs.

The City Corporation has already taken action to reduce its carbon footprint, including protecting 11,000 acres of green space in London and South East England, purchasing only renewable electricity and banning new diesel vehicles from its own fleet.

Catherine McGuinness, Policy Chair at the City of London Corporation, said: “We do not need to compromise the economy to fix the environment, our climate action plans will drive both growth and jobs.

“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. Together we will build a greener City, where we all play our part.”

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