Glasgow City Council has announced that it has agreed on plans to create a specialist team that will help to unlock investment to support net zero ambitions.
The team will be looking to develop the council’s relationship with private sector partners that might be able to support investment in climate projects, with the around £40 billion needed to ensure that the council’s ambitions can be met. Initiatives that could be supported by this investment include:
- Local heating networks
- Energy efficiency for buildings
- Renewable energy projects
- Electric vehicle charging infrastructure
The city council has also been in contact with other councils to find out how they are funding their climate plans, with Bristol City Council and the Greater London Authority evidencing how partnerships with the private sector have brought multi-million-pound projects.
Leader of the city council, Cllr Susan Aitken, said:
“There is no question that the climate emergency is the issue of our times. To reduce our carbon emissions while also adapting to and mitigating the impact of climate change creates a massive challenge for the city.
“To meet this challenge and deliver the large-scale interventions that will decarbonise our city, it has long been clear that private sector investment is required. It is not possible for the council alone to make the changes that are needed.
“But the scale of opportunity for investors is also enormous. Our Local Heating and Energy Efficiency Strategy, for example, shows that almost two-thirds of Glasgow homes could benefit from a connection to a district heating network. It is the kind of plan that will attract investors as they will see the potential for a return on their investment.
“Major cities such as London and Bristol with similar ambitions to Glasgow have shared their knowledge and experience on net zero finance. But the specialist team we intend to form we will be focused on creating and delivering a green investment model that works for Glasgow. The city has a great record of attracting inward investment and I am confident the step we are about to take will ultimately take us to a net zero Glasgow.”
A climate emergency was declared in the city in 2019, with this bringing a commitment to make the city net zero by 2030. A year later, in 2020, the city outlined how it plans on reducing its carbon footprint through the Glasgow Climate Plan.
Image credit: iStock
