The City of London Corporation has announced its plans to achieve net zero carbon emissions by 2040 as a part of a new climate action plan.
The local authority passed a draft proposal, which will see the Corporation spend £68m on “fighting climate change” over the next six years.
The plan will include changing planning regulations to ensure future developments include carbon reduction plans, while more street space will be dedicated to walking and cycling in the Square Mile.
The Corporation believes the plan will create 800 new jobs, while also putting Guildhall 10 years ahead of central government’s net zero target.
Speaking about the new net zero target, the Corporation’s policy and resources chair Catherine McGuinness said: “We do not need to compromise the economy to fix the environment – our climate action plans will drive both growth and jobs.
“Working in partnership with City firms we will strengthen our position and become a world leader in the climate change fight.”
The organisation will link its investments to the Paris Agreement goals and ensure that fighting climate change is at the heart of all its decisions.
The ambitious plan makes the City Corporation the first governing body in the UK to have a fully funded net zero commitment that covers all categories of emissions.
The City of London is not a member of the Race to Zero campaign and it remains to be seen how their strategy will evolve.
Find out how to join the Race to Zero here.