UK Cities Climate Investment Commission calls for “place-based demonstrators” or neighbourhood pilots where green investment opportunities are gathered together as a package.
New research has found that investing in net zero projects like solar panels, building retrofit and electric vehicle charging points across the UK’s 11 core cities and London will create a £500bn investment opportunity.
The report for the UK Cities Climate Investment Commission (UKCCIC) is being showcased to international investors at an event in the Blue Zone of Cop26 in Glasgow featuring local and international politicians.
The UKCCIC is a partnership between Connected Places Catapult, Core Cities UK and London Councils and aims to explore new ways of helping UK cities reach their net zero targets. Together London Councils and the Core Cities (Belfast, Birmingham, Bristol, Cardiff, Glasgow, Leeds, Liverpool, Manchester, Newcastle, Nottingham and Sheffield) represent almost half of the UK population.
UKCCIC has called for “place-based demonstrators” or neighbourhood pilots where green investment opportunities can be gathered together as a package, stating that this will attract returns in the form of savings, additional revenue streams and other social and environmental benefits.
The report also outlines other investment opportunities including commercial and domestic building decarbonisation and green transport, but states that renewable electricity generation is likely to be the most attractive opportunity for investors. The report adds that the total costs of getting London and the Core Cities to net zero could top £200bn, a figure that would be impossible to raise without private sector investment.
The report notes that investing in renewable electricity generation across UK urban areas – including solar and battery storage – could provide fiscal returns for big financial players including pension companies and sovereign wealth funds.
“This report underlines the scale of the investment potential across our 11 core cities and London, and the essential role that private finance can play to support the transition to net zero,” councillor Nick Forbes, chair of Core Cities UK and leader of Newcastle City Council.
“Life for many of our 30 million citizens will change dramatically over the next few years. It is our job to map out the path to net zero, and to then work with private finance to lead our cities on that journey, ensuring everyone benefits from a greener, healthier future.”
Mayor Philip Glanville, chair of London Councils’ Transport and Environment Committee.
“London boroughs and the UK’s 11 core cities have a huge responsibility as economic and population centres to create solutions to reach net zero targets. Securing private finance will be critical to meeting our climate ambitions and today’s report outlines the substantial opportunities available to invest in and be part of our net zero journey,”
