MOSCOW (Pakistan Point News / Sputnik - 18th November, 2020) The City of London Corporation, the municipal organization that governs the heart of the UK capital, has announced the signing of a 40 million pound ($53 million) renewable energy deal with Voltalia aimed at reducing carbon emissions and cutting costs, according to a press release published on Thursday.
"The governing body of the Square Mile has signed a power purchase agreement with Voltalia - an international player in renewable energies - to buy all the electricity produced by a new-build 95,000-panel solar farm in Dorset for 15 years," the press release read.
According to the City of London Corporation, the agreement could lead to energy cost savings of $3.9 million and will help the City of London, which comprises the historical financial district also known as the Square Mile, meet its target of reaching carbon net-zero emissions by 2040.
"This is a pioneering scheme which we hope will lead the way for local authorities across the UK. It means they can play their part in reducing emissions without the risks of owning their own energy firms or infrastructure and without the need for Government funding," Jamie Ingham Clark, chair of the City of London Corporation's corporate asset sub-committee, said in the press release.
The governing body announced in early October the launch of its Climate Action Strategy. The scheme aims to make the City of London carbon neutral by 2040, ten years earlier than the government's target date.
