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City A.M

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CityAM.com is the online presence of City A.M., London's first free daily business newspaper. Both platforms cover financial and business news as well as sport and…

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Net Zero by 2040: City of London Sets Ambitious Sustainability Goals

  • The City of London aims to achieve net zero emissions by 2040.
  • The Corporation plans to unlock £225 billion in investment for the Square Mile.
  • The plan includes creating a more vibrant and attractive business district with a strong leisure offering.
london

The City of London Corporation has set key targets, including making the Square Mile net zero by 2040 and “enticing workers back to the office,” as it aims to maintain its crown as a “world-class” financial centre.

The Corporation has unveiled its corporate plan for 2024 to 2029 in a bid to ensure the Square Mile continues to be top of the class of “global financial powerhouses.”

Its five-year document revealed the tactics and metrics for achieving this, including: driving economic growth, investing into public spaces, and creating a sustainable environment.

Councillors have pledged to continue the revitalisation of the Square Mile, aiming to unlock £225bn in investment, as well as working with City Hall on the new “world-class” London Museum at Smithfield market and a fresh headquarters for the City of London police force. 

“Dynamic economic growth and being globally competitive is vital to the success of people and businesses not just in the financial and professional services sector, or the City, but the entire country,” policy chairman Chris Hayward wrote in his foreword to the report.

He said: “This plan will guide our leadership at local, London, national, and international levels and ultimately ensure everything we do aligns to our mission to be world-class.”

The corporation’s work ranges from delivering public services, residents and open spaces to “supporting the Square Mile as the engine of the UK economy and promoting the UK’s financial and professional services industry”, Hayward added.

Key outcomes for the corporation in achieving this are establishing diverse and engaged communities, with a focus on increasing the number of candidates and voters in City elections – and championing dynamic economic growth.

The corporation said it would aim to retain the UK’s No. 1 spot in the competitiveness benchmarking composite score and the Global Green Finance Index (GGFI) and increase the number of weekday workers in the Square Mile.

Councillors also pledged to see the City be net zero by 2040 and to create a vibrant, thriving destination with a strong leisure offering, excellent public services – including combatting rough sleeping – and flourishing public spaces, such as iconic venues like the Barbican.

The City’s Salisbury Square development will be home to the new City of London Police HQ as well as a modern facility for HM Courts and Tribunals Service, the report stated.

Chief executive Ian Thomas said: “The Corporation is a unique organisation. For 900 years, we’ve served as custodians of the nation’s trading centre, the beating heart of London.

“But the City is more than a business district, and we are more than guardians of history.

“We are convenors, facilitators, enablers, philanthropists, landlords, educators, environmentalists, and more.

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“As the governing body of the Square Mile, we have responsibilities to residents, workers, businesses, visitors, and many more. We will shape a fantastic five years ahead, together.”

The plan was approved by the Corporation’s policy and resources committee and the court of common council – its key decision-making body – and will take effect from April.

By City AM

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Leave a comment
  • Mamdouh Salameh on March 25 2024 said:
    This is not a beauty contest. It is a reality check and reality tells us in no uncertain terms that net-zero emissions will neither be achieved by 2050 or 2100 or ever nor would it exist except in the IEA's la la land.

    The reason is the intermittent nature of renewables. They are incapable on their own of even supporting a small economy let alone the the global one without huge contributions from natural gas, coal and nuclear energy. The mere involvement of gas and coal to excludes completely net-zero emissions.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

Leave a comment




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