Investing in the green transition can revitalise cities

Latest News Mon, Feb 21, 2022 7:33 AM

Business and civic leaders across the UK’s cities are committed to working together to deliver new sustainable cities as part of their low carbon transition plans, according to a new KPMG Private Enterprise report, Voices of Place: The Green City.

Building environmentally friendly and fairer communities must be an outcome of green investment and needs to be a part of an integrated planning process, more than 40 senior figures agreed, in a series of roundtable discussions KPMG held in UK cities.

The report also highlighted that transitioning cities to net zero should help:

  • Drive sustainable economic growth
  • Create skilled jobs in low carbon industries
  • Boost the appeal of cities as places to live and work
  • Attract enterprise and talent
  • Upgrade housing stock and
  • Improve the health of citizens.

Chris Hearld, KPMG’s Head of Regions, says: “As we invest in the green transition, cities are perfectly placed to benefit, creating fairer and sustainable communities for all. They are at a critical point in their evolution and are ambitious, with many having set more challenging targets for lowering emissions than our national ones, with some citywide net zero goals as soon as 2028.

“They are home to more than half of our population and will remain the places that drive our productivity and prosperity across the country. But their role as the home of business and leisure is changing since the pandemic, while the issues behind the levelling up agenda puts the spotlight on wellbeing and social mobility. Addressing these challenges will drive their transformation.”

The report also highlights that regional decision making is vital and the Levelling Up White Paper will help support this. Feedback from those people involved in city investment also included the need for an integrated and collaborative approach; the right metrics to measure our progress is essential; and business needs to be at the heart of this sustainable transition.

Chris Hearld added: “Improving inequality in our communities while meeting stretching net zero goals is an exciting vision and a smart way to maximise the opportunities of building back greener and levelling up. It will need complex transformation plans, bringing together a host of different work and teams, and evaluating progress in new ways that include spanning environmental, economic and social indicators.”

The report was informed by discussions with civic and business leaders from organisations including Aberdeen & Grampian Chamber of Commerce, Gatwick Airport, Greater Manchester Combined Authority, Transport for London, University of Southampton and many more.

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