A specialist green investment team is to be created by Glasgow City Council to help unlock a £40 billion fund needed for the city’s net zero ambitions.
The team will be tasked with developing the local authority’s relationship with the private sector so investment can be attracted to the city for crucial climate initiatives – such as local heating networks, energy efficiency in buildings, renewable energy projects, electric vehicle charging infrastructure, and other schemes that can accelerate decarbonisation of the city.
The council said it hopes to build upon Glasgow’s recent success in attracting private sector funding after world leading business experts fDI Intelligence ranked Glasgow as Europe’s number one city for bringing in overseas investment.
Council officers have also been investigating how other UK local authorities intend to fund their climate action plans and have been linking with Bristol City Council and the Greater London Authority, where partnerships and climate funds with multi-million pound profiles have been formed between public and private sectors.
A recent paper put before Glasgow City Council’s city administration committee indicated there is a need to accelerate the delivery of Glasgow’s carbon reduction projects. However, it also acknowledged that political oversight and governance must be in place with any decisions designed to protect the council in the longer term.
The specialist green investment team will therefore seek to bring together expertise in finance, sustainability, procurement, and law. The city administration committee agreed to provide £4 million over two years in support of the specialist team.
Councillor Susan Aitken, leader of Glasgow City Council, 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 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 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.”
