In July, the City of London Chamber organised a morning event at the Guildhall, centred on climate change and Net Zero targets. The keynote speaker, Sir Alok Sharma, shared his insights and vision for achieving these ambitious goals. The event was graced by the presence of the Lord Mayor, Michael Mainelli, who underscored the City of London Corporation's commitment to green finance. 

Sir Alok Sharma began his speech by emphasising that, although there has been progress in areas such as electric vehicles and renewables in the past years, the climate has continued to deteriorate, with 2023 being the hottest year globally recorded. “We have to cut emissions by over 40% globally by 2030 to keep on track for limiting global warming to 1.5 degrees above pre-industrial levels”, he stated. 

The United Kingdom needs to continue to lead the change in decarbonisation and set an example for the world. Sharma pointed out that if countries could triple their renewable energy capacity by 2030, 60% of global energy could come from renewable sources, putting us back on the right course to meet climate targets. 

To fulfill the ambitious goals set by the new Government in reaching Net Zero, the UK needs to prioritise two main areas, continued Sharma. Firstly, more incentives need to be put in place for the communities who will be impacted by the development of new infrastructures. Secondly, a campaign involving the City’s stakeholders, the Government and the citizens, needs to happen to explain to the public why it is in everyone's interest to decarbonise our grid as soon as possible. 

“As the world prepares for the next COP meeting I hope that countries will prioritise climate action, recognising it as humanity's greatest challenge moving forward”, Sharma concluded. 

The event also saw the Lord Mayor of the City of London, Alderman Michael Mainelli, spoke of the global importance of the City in developing and championing financial services products which provides incentives for businesses to reduce carbon emissions. It was the City, the Lord Mayor stated, that is the premier financial services centre that is focused on tackling climate change. 

Mark Jenkinson, Chair of the London Chamber of Commerce and Industry Environment Sustainability and Green Growth Group Committee, highlighted the business group's mission to position London as a leader in sustainability and green growth. By learning from large companies' approaches to achieving Net Zero, they aim to share this knowledge with SMEs within the LCCI.  

Simultaneously, the City of London Corporation is working to increase the number of green spaces within the Square Mile, making it more resilient and better equipped to combat climate change, announced Alderman Alison Gowman CBE.