Investing in clean growth and creating green jobs.
The transition to a net zero future requires an enormous shift in the global financial system. Climate change will need to be embedded in all finance decisions and the scale of the challenge will require finance from both the public and private sectors.
According to the National Audit Office almost two thirds of councils in England are aiming to be carbon neutral 20 years before the national target and 91 per cent of councils have adopted at least one net zero commitment.
Through its work with its member organisations the LGA is aware of significant pressures on delivery of these targets amongst councils.
Most frequently reported barriers were about amount of funding, accessibility to funding, lack of workforce capacity, internal skills and expertise, conditions of funding, and reliability of funding
LGAs Green Finance Guide, reflecting the launch of the UK Investment Bank, the response to the Public Loans Board consultation in November 2020 and the Net Zero Strategy in Autumn 2021, provides both practical guidance and examples of good practise to support councils in England to find the most appropriate and affordable ways to finance their green ambition.
Councils leading the way
Swindon Borough Council set a target to become carbon neutral by 2030. As part of these plans they introduced solar farms to boost access to renewable energy, with profits used to support the local community, as they explain in the video below. It is a good example of community investment in action: