The City of London Corporation has reduced its carbon emissions by two thirds since 2019 and is on course to reach net-zero in its own operations by 2027.
The Square Mile’s governing body of the Square Mile has cut emissions across its buildings including in the Barbican Centre, its Guildhall headquarters, the Guildhall School of Music and Drama, and the London Metropolitan Archives, it said in a report published today.
Lighting, ventilation, heating, cooling, humidification, and insulation were upgraded at the sites to make them more efficient .
The Corporation buys all the electricity produced by a solar farm in Dorset, providing over half of its power needs and saving over £3 million in energy bill per year.
The electricity is secured through a £40 million Power Purchase Agreement with provider Voltalia,
The report said that emissions from the Corporation’s financial investments have reduced by 25% over the last financial year, driven by carbon-cutting commitments from fund managers, with most now in the Net Zero Asset Initiative, which requires members to set their own net zero targets.
The most significant reductions are in the Corporation’s pension fund with a 30% decrease in emissions since 2021/22.
This report also includes the carbon emissionsassociated with City Bridge Foundation (CBF) activities and investments. CBF is an independent charity of which the City Corporation is the sole corporateTrustee. It owns and maintains five of London’s bridges.
City of London Corporation Policy Chairman, Chris Hayward, said: “The climate crisis is the greatest challenge that we face.
“Last year saw two significant UK milestones in temperature: the hottest day and the highest average on record. We also saw a significant increase in wildfires, resulting in the highest insurance claims from extreme weather since 2006. The global trend is also deeply concerning.
“But together, the governing body of the Square Mile, and the UK’s financial and professional services sector are fighting back.
“COP28 will see the first worldwide stocktake of climate action against the landmark Paris agreement – and although it is difficult, we must continue to push for urgent local and global action.
“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.”
The City Corporation manages 11,000 acres of green space in and around London which remove around 16,000 tonnes of carbon from the atmosphere a year, equivalent to 44% of emissions from its own operations.
