According to a report by specialist energy consultants, Element Energy, the cost for the Mayor’s preferred and adopted pathway for London to meet net zero requires £75 billion in infrastructure investments by 2030 and a total of £108 billion by 2050.
In 2022, the Mayor commissioned Element Energy - a strategic energy consultancy company - to identify potential pathways London could adopt in order to reach net zero by 2030[1].
As part of the work of the Mayor’s adopted pathway to net zero, the £108 billion investment needed would fund, among other work:
- Nearly 40 per cent reduction in the total heat demand of our buildings, requiring over 2 million homes and a quarter of a million non-domestic buildings to become properly insulated
- 2.2 million heat pumps in operation in London by 2030
- 460,000 buildings connected to district heating networks by 2030
- A 27 per cent reduction in car vehicle km travelled by 2030
- Fossil fuel car and van sales ended by 2030 and enforced in line with Government’s existing commitments.
The London Assembly Budget and Performance Committee will meet tomorrow to investigate how the Mayor’s climate budgeting has progressed since 2022, as well as seeking an update on the Mayor’s Green Finance Fund and his 2024/25 budget guidance.
The guests are:
Panel 1 – Climate budgeting:
- Heidi Sørensen, Head of the Agency for Climate, City of Oslo
- Enver Enver, Interim Chief Finance Officer, Greater London Authority (GLA)
- Carly McLachlan, Professor of Climate and Energy Policy, University of Manchester
Panel 2 – Green Finance Fund:
- Luke Webster, Corporate Investment Officer, GLA
- Enver Enver, Interim Chief Finance Officer, GLA
Panel 3 – Mayor’s 2024/25 Budget Guidance
- David Bellamy, Mayor’s Chief of Staff, GLA
- Enver Enver, Interim Chief Finance Officer, GLA
The meeting will take place on Thursday 21 September 2023 from 10am, in the Chamber at City Hall, Kamal Chunchie Way, E16 1ZE.
Media and members of the public are invited to attend.
The meeting can also be viewed LIVE or later via webcast or YouTube.
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