A recent report from the City of London Corporation has revealed that it is on track to hit its 2027 net-zero goal after the organisation cut its net carbon emissions by 66% since 2018/19.
The City Corporation has been cutting emissions in the Barbican Centre, its historic Guildhall headquarters, the Guildhall School of Music and Drama, and the London Metropolitan Archives. This was accomplished through upgrading insulation, ventilation, heating, cooling, humidification and lighting at the iconic London sites.
Through an innovative £40 million Power Purchase Agreement with international energy provider Voltalia, the City Corporation has been able to switch half its energy consumption to sustainable sourced electricity from a solar farm in Dorset, saving over £3 million in energy costs per year.
The aim of net zero across all the City Corporation’s investments and the Square Mile by 2040 is being enacted through the Climate Action Strategy. The report and the strategy also include carbon emissions associated with City Bridge Foundation (CBF) activities and investments. CBF is an independent charity of which the City Corporation is the sole corporate Trustee. The Charity owns and maintains five of London’s bridges at no cost to the taxpayer.
Driven by a strong focus on carbon emission reduction the emissions from financial investment have reduced by 25% over the past financial year. More and more fund managers are opting into the Net Zero Asset Initiative, which requires members to set their own net zero targets.
The most significant reductions are in the City Corporation’s Pension Fund with a 30% decrease in emissions since 2021/22. The organisation’s first-of-its-kind Climate Action Dashboard uses independently verified data and gives a transparent public account of its progress in reducing carbon emissions and increasing climate resilience. Since 2018, the City Corporation has been using 100% renewable electricity.
The City Corporation removes 16,000 tonnes of carbon from atmosphere through its management of 11,000 acres of green space in and around London, this is equivalent to 44% of its operational emissions.
City of London Corporation Policy Chairman, Chris Hayward, said: “I urge all those within the Square Mile to work with us in partnership so that the City of London can continue to be ambitious in our goals and a world leader in climate action.”