Council's 2040 carbon target could cost £8.8bn

A council said it needs an investment of £8.8bn to help meet its 2040 net zero carbon emissions target.

Peterborough City Council is starting the second phase of a project aimed to accelerate its carbon reduction and achieve that target to try to tackle climate change.

The council produced a Local Area Energy Plan (LAEP) in December 2022, which models the current and future energy demands of the city.

At a council climate change and environment scrutiny meeting, phase two of the LAEP was presented to the committee, with an aim to procure a partner to deliver city-wide transformative net zero projects.

It is hoped that this will bring investment and drive forward carbon reduction at scale and pace, the council said.

The Local Democracy Reporting Service said the meeting heard the council's carbon emissions had reduced by 28.6% since 2018-19, when the unitary authority declared a climate emergency.

LAEP Phase Two aimed to build on the experience of other councils, including Bristol City Council which has procured a 20-year commercial partnership to deliver net zero projects across the city.

At the meeting, Liberal Democrat councillor Ann Shaheed asked how confident the Labour-led council was that it could attract a similar amount of investment.

Hannah Swinburne, climate change manager at the council, said: "What we are proposing here has very little financial risk. This is just an outline of what we propose to do with much more information to be brought forward for councillors in time.

"It's not necessarily an additional £8.8bn; it is just that as a city we already invest significantly into our energy systems.

"The Peterborough economy actually has quite a significant value and the £8.8bn number doesn't look as scary when you look at it over a period of decades."

Labour councillor Zameer Ali asked if the project was realistically achievable.

Ms Swinburne said: "That is why we'd like to spend the next few months exploring that question. It has been achievable across Bristol.

"If it is achievable, then we'll be in a good position to be one of the first fast followers come this time next year."

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