Climate Action Progress report published by City of London
The City of London Corporation unveiled its third annual progress report on its Climate Action Strategy, detailing significant advancements made from April 2023 to March 2024. Despite facing global challenges, the report highlights a commendable 23% reduction in net carbon emissions across the corporation’s entire value chain since the 2018/19 baseline. Notably, emissions from the corporation’s own operations have plummeted by an impressive 65%.
The report also reveals a 30% decrease in carbon emissions associated with financial investments since 2018/19 and a 29% drop in emissions from purchased goods and services since 2022/23. A significant portion of this reduction—14%—is attributed to the City Corporation’s proactive engagement with suppliers to improve sustainability.
Recent upgrades to the lighting, heating, and ventilation systems in prominent buildings are projected to save over 1.5 million kWh annually. This initiative follows earlier energy-saving efforts at key attractions like the Barbican Centre Concert Hall and Guildhall Art Gallery, collectively expected to save around 1,300 tonnes of carbon each year, equating to approximately £1 million in energy costs.
Overall, carbon emissions across the Square Mile have decreased by 35%, falling from 1,010 ktCO2e in 2017 to 652 ktCO2e in 2021. The City Corporation’s Climate Action Strategy, launched in 2020, includes 13 climate projects aimed at achieving net zero emissions in its own operations by 2027, and across its entire value chain by 2040, significantly ahead of national targets.
Chris Hayward, Policy Chairman of the City of London Corporation, emphasized the importance of rapid net-zero efforts as a means to combat the climate crisis and promote economic growth. “This year’s report demonstrates our commitment not only to reducing our own carbon footprint but also to setting an example for others,” he stated.
Alderman Alison Gowman, Climate Action Lead, reiterated the urgency of climate action. She noted the corporation’s historical leadership in environmental initiatives and its goal to create a sustainable model for others.
The City of London has also been recognized as an ‘A-List climate action leader’ by the Carbon Disclosure Project. Over half of the City Corporation’s electricity now comes from a solar farm in Dorset, saving over £3 million annually, while its open spaces contribute to significant carbon removal, further underscoring its commitment to sustainability.
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