Investing in Net Zero projects such as solar panels, building retrofit and electric vehicle charging points across the eleven Core Cities and London will create a £500 billion investment opportunity, according to new research.
A new report for the UK Cities Climate Investment Commission (UKCCIC) launched today (Thursday) calls 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 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 represent almost half of the UK population.
The report will now be showcased to international investors at an event in the Blue Zone of COP 26 in Glasgow on 3rd of November featuring local and international politicians.
It also outlines other investment opportunities including commercial and domestic building decarbonisation and green transport, but states that renewable electricity generation is likely 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.
Cllr Nick Forbes, Chair of Core Cities UK and Leader of Newcastle City Council said: “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
“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.”