Investing to Achieve Net Zero

DATE: 3 November, 2021

LOCATION: Glasgow City Chambers, Satinwood Suite, George Square, Glasgow, G2 1DU or join virtually

START TIME: 4:00 pm END TIME: 5:30 pm

This was a hybrid event that was hosted on Wednesday 3rd November at Glasgow City Chambers and part of the UK Cities Climate Investment Commission series of events

The Net Zero agenda will require significant up-front investment to transition our existing carbon intensive system, such as how we heat our homes and how we travel, to a lower carbon alternative. The UK Cities Climate Investment Commission (UK CCIC), a partnership between Connected Places Catapult, Core Cities and London Councils, adopts a novel approach to addressing the challenge of financing Net Zero in major cities across the UK. 

On the Sustainable Finance Day at COP26, the UK CCIC presented its findings on the up-front investment needed to address the Core Cities’ & London boroughs’ Net Zero pledges.  

Through new research delivered by the UKCCIC, we estimate that approximately £200 billion (in a range of £125bn-£416bn) must be invested to achieve Net Zero across London and UK Core Cities. This is beyond the financing capacity of the public sector alone.  

This event brought together the investment sector with cities to discuss the opportunities and limitations for private finance to play a leading role in accelerating Net Zero infrastructure investment across commercial real-estate, housing, transport, renewable electricity generation, waste management and other green infrastructure. 

Those who attended: 

  • Banks and other Financial Institutions 
  • Investment funds & companies interested in decarbonisation  
  • Local Authorities and City Leaders 
  • Central and Regional Government  
  • Large and small businesses, particularly operating in the real estate utilities, transport and low carbon technologies 
  • International organisations active on climate change and sustainable development 
  • Community organisations and NGOs who are interested in supporting borough action on the green recovery 
  • Media organisations. 

Organisers:  

  • Connected Places Catapult  
  • Core Cities  
  • London Councils  

The event took place at Glasgow City Chambers, Satinwood Suite, George Square, Glasgow, G2 1DU.

The event was also livestreamed on Hopin virtual Event Platform.

Speakers

Carl Ennis

Chief Executive Officer

Siemens UK

Cllr Georgia Gould

Chair

London Councils

Marvin Rees

Mayor

Bristol City Council

Ian Stuart

Chief Executive Officer

HSBC

Cllr Susan Aitken

Leader

Glasgow City Council

John Flint

Chief Executive Officer

UK Infrastructure Bank

Prof Greg Clark CBE

Chair

UKCCIC

LaToya Cantrell

Mayor

City of New Orleans

Agenda

16:00 – 16:05

Chair’s Welcome: The investment imperative for Net Zero infrastructure

Although there is widespread acknowledgement of the scale of the challenge associated with achieving Net Zero across the UK’s cities, far less consideration has been given to how the necessary infrastructure will be practically financed and implemented. The allocation of investment finance is a crucial component of this delivery and has been prioritised by UK CCIC as warranting focussed attention in the run up to COP26, and beyond. In addition, the collaboration within cities between public bodies, the private sector, and local communities will be important for successful delivery of Net Zero infrastructure within UK cities, and the subsequent attraction of investment capital at scale. 

Prof Greg Clark CBE, Chair, UKCCIC

16:05 – 16:15

In Conversation: The Role of the UKIB in supporting Net Zero in UK Cities

John Flint, Chief Executive Officer, UKIB

16:15 – 16:25

Keynote: The importance of the UKCCIC in achieving Net Zero

Cllr Susan Aitken, Leader, Glasgow City Council

16:25 – 17:10

Keynote Discussion: Unlocking the opportunities for private sector finance

Carl Ennis, Chief Executive Officer, Siemens UK

Cllr Georgia Gould, Chair, London Councils

Marvin Rees, Mayor, Bristol City Council

LaToya Cantrell, Mayor, City of New Orleans

Moderator: Prof Greg Clark CBE, Chair, UKCCIC

 

17:10 – 17:20

Keynote: Overcoming the challenges for sustainable finance and the road to COP26

Ian Stuart, Chief Executive Officer, HSBC

17:20 – 17:30

Chair’s Closing Remarks & Next Steps

Prof Greg Clark CBE, Chair, UKCCIC

17:30 – 20:00

Networking Reception & Dinner

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