The UK’s biggest cities have joined forces to seek private funding to meet their net zero goals.
The scale of the cooperation by the 11 members of the Core Cities UK group and London Councils emerged after research presented to last month’s COP26 conference suggested these areas – representing a quarter of the UK population – face a bill of £206bn to hit their net zero pledges. The total investment opportunity could be up to £500bn.
It is hoped that by working together to seek private funding for projects, including the retrofitting of housing, electric vehicle charging points and other green transport schemes, councils can benefit from economies of scale and overcome the impact of a decade of austerity which has reduced their individual capacity to engage with investors.
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