London leads the way in sustainable cities race
Climate change and globalisation are two of the major driving
forces affecting the world today, with cities consuming three
quarters of the world’s energy and producing 80% of all greenhouse
gas emissions. The US, UK and Japan are all amongst the top ten
emitters of carbon dioxide emissions in the world, with Australia
in 13th place despite its much smaller population.
This report, entitled Sustainability Assessment of Global
Financial Centres was commissioned by the City of London
Corporation from URS Corporation Ltd. The report compares the four
major financial centres London, New York, Tokyo and Sydney, in
terms of the sustainability challenges they are facing and their
responses. Key findings are:
- Of the four centres considered, London has the most stringent
emissions reduction targets, aiming for a 60% reduction by 2025,
compared with New York’s 30% target reduction by 2030, Sydney’s 60%
by 2050 and Tokyo’s 20% by 2020
- Global financial centres are heavily dependant on fossil fuels
to power their economies, exposing them to risks both from global
warming and security of energy supply. Sydney is heavily dependent
on coal, New York and Tokyo on petroleum, and London on natural
gas.
- The built environment is crucial to each centre’s energy use
and greenhouse emissions and London, Sydney and New York are all
focusing on more sustainable design and construction techniques.
Tokyo has relatively weak standards but uses financial incentives
to encourage improvements in efficiency.
- Transport is a key priority for global financial centres; over
the 2000-2006 period London was the only one of the four cities to
achieve a substantial shift away from car usage to public
transport, cycling and walking, aided by the pioneering congestion
charge scheme; 80% of workers in central London travel to work by
public transport.
- Air quality remains a challenge for all cities.
- Climate change could have a disastrous impact on centres with
insufficient adaptation measures. New York, London and Tokyo are
rated as having high levels of flood risk, for example, although
London and Tokyo also have good measures of flood protection in
place. The City of London’s climate adaptation strategy is one of
the first of such strategies to be produced for a global financial
centre.
Michael Snyder, Policy Chairman of the City of London
Corporation that looks after the Square Mile business district at
the heart of commercial London, said:
"Cities are now at the leading edge in dealing with
human-induced climate change because they are often most exposed to
their effects and because they are where humanity and innovation
are increasingly concentrated. The pressing challenge is for
public policy and markets to work together so as to provide the
clear incentives that will deliver sustainable solutions. London is
playing a leading role in this."
“It is entirely within our control to achieve both a higher
quality of life, and a higher quality of environment in our cities
– and London is leading the way.”
Ends
Notes for editors
The City of London provides local government services for the
Square Mile, the financial and commercial heart of Britain, and is
committed to maintaining and enhancing the status of the Business
City as the world's leading international financial and business
centre through its policies and services. Its responsibilities also
extend far beyond the City boundaries and include management of the
Guildhall Art Gallery, Barbican Centre, Central Criminal Court at
the Old Bailey, 10,700 acres of open space including Hampstead
Heath and Epping Forest, three wholesale food markets, as well as
acting as the London Port Health Authority.
Download the
report,
Sustainability Assessment of Global Financial
Centres
See also information on the
London
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analysis into opportunities and challenges in the energy supply and
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Press contact
Greg Williams: 020 7332 1455