The Corporation has today (Monday 21 October) published its third annual Climate Action Strategy progress report, outlining key achievements made between April 2023 and March 2024.
Despite increased global challenges, the report shows that the City Corporation achieved a 23% reduction in net carbon emissions across its entire value chain (including investments and supply chain) since the 2018/19 baseline, and cut net carbon emissions in its own operations by 65%.
It also shows that the organisation has achieved a 30% decrease in its financial investment carbon emissions since the 2018/19 baseline, and a 29% decrease in emissions from purchased goods and services since 2022/23 – of which 14% was due to the organisation’s ongoing engagement with suppliers.
In addition, recent upgrades to lighting, heating, and ventilation systems across some of its most famous buildings are forecast to make energy savings of over 1.5 million kWh per year. This builds on previous work to city attractions such as the Barbican Centre Concert Hall and Guildhall Art Gallery with projected savings of around 1,300 tonnes of carbon every year – or around £1m in energy costs.
Carbon emissions across the Square Mile have also fallen by 35% from 1,010 ktCO2e in 2017 and to 652 ktCO2e in 2021.
Launched in 2020 and encompassing 13 climate projects, the City Corporation’s Climate Action Strategy commits the organisation to achieving net zero carbon emissions in its own operations by 2027 and its full value chain by 2040, as well as supporting the whole Square Mile to reach net zero by 2040 – a decade ahead of national targets.
It is also committed to achieving climate resilience across its buildings, open spaces, public realm and infrastructure.
A full and transparent account of the City Corporation’s progress in reducing carbon emissions and increasing climate resilience is available through its Climate Action Dashboard. [See notes to editors].
Chris Hayward, Policy Chairman at the Corporation, said:
“Reaching net zero quickly is the best way to offset the worst of the climate crisis. It also presents us with a generational opportunity: for jobs, investment, economic growth, and for our planet.
“As a global financial hub, the has a unique responsibility to drive meaningful climate action. And despite being faced with so many challenges, both on a national and international scale, we are continuing to make progress.
“This year’s report demonstrates our commitment not only to reducing our own carbon footprint but also to setting an example for others. With significant achievements like reducing our operational emissions and investing in renewable energy, we are laying the groundwork for a more sustainable future.
Climate Action Lead for the Corporation, Alderman Alison Gowman, said:
“The consequences of climate change are being felt more acutely than ever, reminding us that urgent action is required.
“The Corporation has been at the forefront of climate change, being the first government body to introduce a Clean Air Act in 1953, and becoming the first city in the world to adopt a climate change adaptation strategy in 2010.
“This report reflects our determination to act decisively and strategically, creating a sustainable model for others to follow, leveraging innovation, partnerships, and our unrivalled expertise in both finance and sustainability.”
In November 2023, the was listed among an elite group of cities as an ‘A-List climate action leader’ by the environmental non-profit organisation, the Carbon Disclosure Project, receiving a top score on its climate action measures.
Over half of the City Corporation’s electricity is sourced from a solar farm in Dorset, powering iconic landmarks such as Tower Bridge and the Barbican Centre, and saves the organisation over £3 million per year in energy costs. Up until March 2024, this Purchase Power Agreement with international energy provider, Voltalia, has generated over 60 million kWh of renewable energy (over 70% of the organisation’s owned buildings’ electricity consumption) since becoming operational in January 2023.
The City Corporation’s open spaces, which make up 11,000 acres of green space across London and south east England, and include places like Epping Forest and Hampstead Heath, also remove an estimated 16,230 tonnes of carbon from the atmosphere a year, equivalent to 70% of its 2022/23 own operations carbon footprint.
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