The City of London is planning to eliminate its carbon dioxide emissions by 2040 – ten years ahead of the national target – investing 68 million pounds to tackle climate change and create 800 jobs over the next six years. Earlier this month we approved a Climate Action Strategy at our full Council meeting. For more info click here.

Under the new plans the Square Mile area will see more streets dedicated to walking and cycling, new parks, timed street closures and the installation of flood-resistant road surfaces. New developments will be required to have carbon-reduction plans in their designs, and green wall space that includes plants will increase by 50%.

The City Corporation’s plan is more ambitious than the UK’s, which has set a national target for net-zero carbon emissions by 2050.

The City won’t use carbon offsets to deal with those emissions and instead will take practical steps to eliminate them. “Working in partnership with City firms we will strengthen our position and become a world leader in the climate change fight,” Catherine McGuinness, policy chair at the City of London Corporation, said in a statement.

The plans also include:

  • A new climate action fund managed by the corporation and other businesses in the Square Mile to invest in zero carbon technologies
  • Aligning the City Corporation’s investment portfolio with the goals of the Paris Agreement
  • Using its role in planning to influence others to embed carbon analysis into capital projects

The City Corporation will spend 2 million pounds introducing 150-year-old sustainable land management practices at some of its 11,000 acres of green space in London and southeast England, and will increase the area of green roofs by more than 50%.