The City of London Corporation is a local government authority responsible for the administration of the financial district of London, known as the City of London. The Corporation has a long history, dating back to the 12th century, and has evolved over time to become a modern, forward-thinking organization that is committed to sustainability and decarbonisation.
One of the key areas of focus for the City of London Corporation is decarbonisation. The organization has set ambitious targets to reduce its carbon footprint, with a goal of achieving net-zero emissions by 2040. To achieve this, the Corporation is implementing a range of measures, including investing in renewable energy and energy efficiency, promoting sustainable transport, and reducing waste.
Corporate energy is another important area for the City of London Corporation. As a major employer and landowner in the City, the Corporation has a significant energy demand that it seeks to meet in a sustainable and cost-effective manner. To this end, the Corporation has implemented a range of initiatives, including the installation of solar panels on its buildings, the use of energy-efficient lighting and heating systems, and the adoption of smart building technologies.
One of the most innovative initiatives that the City of London Corporation has implemented in recent years is the use of corporate power purchase agreements (PPAs) to source renewable energy. A corporate PPA is a long-term contract between a renewable energy generator and a corporate buyer, whereby the buyer agrees to purchase a fixed amount of renewable energy at a fixed price over a specified period. By entering into a corporate PPA, the City of London Corporation is able to secure a reliable and cost-effective source of renewable energy, while also supporting the growth of the renewable energy sector.
The City of London Corporation has been a pioneer in the use of corporate PPAs in the UK, having signed its first agreement in 2018. Since then, the Corporation has signed a number of additional agreements, including a 15-year contract to purchase power from a wind farm in Scotland. These agreements have helped the Corporation to achieve its decarbonisation targets, while also providing a range of other benefits, such as cost savings and improved energy security.
In addition to its work on decarbonisation and corporate energy, the City of London Corporation is also involved in a range of other sustainability initiatives. For example, the Corporation is a member of the UK Green Building Council, which is committed to promoting sustainable building practices. The Corporation is also a member of the Better Buildings Partnership, which is focused on improving the sustainability of commercial buildings in the UK.
Overall, the City of London Corporation is a forward-thinking organization that is committed to sustainability and decarbonisation. Through its work on corporate energy, corporate PPAs, and other initiatives, the Corporation is helping to drive the transition to a low-carbon economy, while also delivering a range of other benefits, such as cost savings and improved energy security. As such, the City of London Corporation is a model for other organizations looking to achieve sustainability and decarbonisation goals.