The Square Mile could be renamed the Green Mile after the City of London Corporation announced it will be running on 100% renewable energy sources from October this year.
The Corporation’s policy and resources committee last week backed a new Renewable Energy Strategy that will see an increase in solar panels on City buildings, and investment in off-site sources such as wind or solar farms as well as buying renewable energy already available on the market.
The three-pronged approach would provide energy for the Corporation’s social housing portfolio across six London boroughs, 10 academies and three markets, investment properties, and 11,000 acres of green space, which currently cost more than £12.6million per annum to power.
The report flags that if just 5% of the authority’s electricity was purchased using power purchase agreements, Guildhall could be declared carbon neutral.
Catherine McGuinness, Chairman of the City of London Corporation’s Policy and Resources Committee, said: “Sourcing 100% renewable energy will make us cleaner and greener, reducing our grid reliance and running some of our buildings on zero carbon electricity.
“We are always looking at the environmental impact of our work and hope that we can be a beacon to other organisations to follow suit.
“By generating our own electricity and investing in renewables, we are doing our bit to help meet international and national energy targets.
“This is a big step for the City Corporation and it demonstrates our commitment to making us a more socially and environmentally responsible business.”