Commission to identify Green Investment opportunities

Initial analysis by the Climate Investment Commission of UK city climate plans suggests that meeting net zero in London and the UK’s Core Cities could bring up to £330 billion of investment into the UK.

London Councils and the UK’s 11 Core Cities, along with the innovation body Connected Places Catapult, are set to launch the UK Cities Climate Investment Commission during an event at London Climate Action Week. Prior to the launch, the Climate Investment Commission has published research from environmental consultancy Eunomia which estimates that between £110 billion and £330 billion of green investment is required to meet net zero in the UK’s core cities.

The research shows that domestic retrofit, or making homes more energy efficient, 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 report also sets out a range of financing sources currently being considered by local government, such as municipal community investment bonds, carbon offsetting payments, workplace parking levies and collection charges for contaminated recycling.

Both London Councils and Core Cities UK have stated that they are facing a funding emergency as well as a climate emergency, underscoring the importance of the forthcoming work, and the engagement of government in this endeavour.

Susan Aitken, leader of Glasgow City Council, said: "Today's first stage launch reveals massive opportunities to create green growth and thousands of jobs across London and the Core Cities. I look forward to showcasing some of these at COP in Glasgow in November. Together London Councils and Core Cities are home to almost 30 million people. It is vital that we play our full role in making sure they are not left behind and play a key role on our journey to net zero."