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London As a Leader in the Low Carbon Economy

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London As a Leader in the Low Carbon Economy LONDON AS A LEADER IN THE LOW CARB ON ECONOMY DECEMBER 2009 London as Leader in the Low Carbon Economy Project Title: London as a Leader in the Low Carbon Economy Report Title: London as a Leader in the Low Carbon Economy Project No: 49353232 Status: Final Client Contact Name: Jared Boow / Deborah Owens Client Company Name: London Councils / Government Office for London Issued By: URS Corporation Ltd St. George’s House 5 St. George’s Road Wimbledon London SW19 4DR Document Production / Approval Record Issue No: Name Date Position 1 Darshini Ravindranath 09.12.09 Consultant Prepared by Brendan Tapley, 09.12.09 Project Manager Sam Wilding 09.12.09 Senior Consultant Sally Vivian, 09.12.09 Project Director Checked by Brendan Tapley 09.12.09 Project Manager Approved Sally Vivian 09.12.09 Project Director by Document Revision Record Issue No Date Details of Revisions 1 06.11.09 Original issue – work in progress draft 2 16.11.09 Revised draft 3 30.11.09 Final draft 4 09.12.09 Final Final London as Leader in the Low Carbon Economy LIMITATION URS Corporation Limited (URS) has prepared this Report for the sole use of the client group in accordance with the Agreement with London Councils under which our services were performed. No other warranty, expressed or implied, is made as to the professional advice included in this Report or any other services provided by us. Unless otherwise stated in this Report, the assessments made assume that the sites and facilities will continue to be used for their current purpose without significant change. The conclusions and recommendations contained in this Report are based upon information provided by others and upon the assumption that all relevant information has been provided by those parties from whom it has been requested. Information obtained from third parties has not been independently verified by URS, unless otherwise stated in the Report. This work has been commissioned by London Councils and the Government Office for London and does not constitute the views or policies of any aspect of London Government. Final London as Leader in the Low Carbon Economy CONTENTS Section Page No EXECUTIVE SUMMARY ............................................................................................................... 1 1. INTRODUCTION.............................................................................................................. 3 2. LONDON’S STRENGTHS AND STRATEGIC DRIVERS ............................................... 4 2.1. London’s Strengths .......................................................................................................... 4 2.2. Key Drivers for Action in London...................................................................................... 5 3. DEVELOPMENT OF MARKET OPPORTUNITIES: FINANCIAL MARKETS ................ 8 3.1. Context ............................................................................................................................. 8 3.2. Key Drivers for London .................................................................................................... 9 3.3. Economic Opportunities and Challenges....................................................................... 10 3.4. Recommendations for Action ......................................................................................... 13 4. DEVELOPMENT OF MARKET OPPORTUNITIES: BUSINESS CENTRE .................. 15 4.1. Context ........................................................................................................................... 15 4.2. Key Drivers for London .................................................................................................. 15 4.3. Economic Opportunities & Challenges .......................................................................... 17 4.4. Recommendations for Action ......................................................................................... 23 5. DEVELOPMENT OF MARKET OPPORTUNITIES: KNOWLEDGE AND R&D CENTRE......................................................................................................................... 26 5.1. Context ........................................................................................................................... 26 5.2. Key Drivers for London .................................................................................................. 26 5.3. Economic Opportunities & Challenges .......................................................................... 28 5.4. Recommendations for Action ......................................................................................... 29 6. DEVELOPMENT OF MARKET OPPORTUNITIES: CENTRE FOR CREATIVE INDUSTRIES.................................................................................................................. 31 6.1. Context ........................................................................................................................... 31 6.2. Key Drivers for London .................................................................................................. 32 6.3. Economic Opportunities and Challenges....................................................................... 33 6.4. Recommendations for Action ......................................................................................... 34 7. DEVELOPMENT OF MARKET OPPORTUNITIES: TRANSPORT HUB ..................... 36 7.1. Context ........................................................................................................................... 36 7.2. Key Drivers for London .................................................................................................. 36 7.3. Economic Opportunities and Challenges....................................................................... 37 7.4. Recommendations for Action ......................................................................................... 39 8. DEVELOPMENT OF MARKET OPPORTUNITIES: A WORLD-CLASS CITY TO LIVE IN AND VISIT.................................................................................................. 41 Page i Final London as Leader in the Low Carbon Economy CONTENTS Section Page No 8.1. Context ........................................................................................................................... 41 8.2. Key Drivers for London .................................................................................................. 41 8.3. Economic Opportunities and Challenges....................................................................... 42 8.4. Recommendations for Action ......................................................................................... 44 Page ii Final London as Leader in the Low Carbon Economy EXECUTIVE SUMMARY As the economic powerhouse of the UK, London makes a vital contribution to the national and global economy, and is home to more than 100 of Europe’s 500 largest companies. Its economy, worth over £160 billion, is larger than that of some countries and accounts for around 20% of the UK’s Gross Domestic Product. London is also an ‘entrepreneurial’ centre, with a strong base of small and medium sized enterprises, a growing venture capitalist market and a sound investment function. However, London is not only the UK’s economic centre - it is also the country’s administrative, political and cultural capital. The stakeholders consulted as part of this project highlighted London’s status as a world class city, its potential to innovate, lead and deliver in terms of low carbon businesses, products, services and policies and the diverse contribution of its economy. In light of its global status, the eyes of the world are now looking to London to take the lead on climate change adaptation and mitigation, giving the city an opportunity to take a primary role in achieving a low carbon economy. What is meant by the term ‘low carbon economy’? The term generally refers to the concept of an economy with minimal output of greenhouse gas emissions, specifically carbon dioxide, into the atmosphere. In addition, it is useful to help frame climate change adaptation with the concept of achieving a ‘climate resilient economy’ 1. This report explores how such concepts apply to London by identifying the city’s key strengths and drivers for low carbon action, followed by a more in depth look at the associated opportunities and challenges. London’s strengths on which we aim to build a low carbon economy are its financial markets, business services, knowledge and R&D, creative industries, transport infrastructure, and London’s status as a world-class city in which to live and visit. The key drivers for developing a low carbon economy in London are identified and used to frame potential priority actions for a low carbon, climate resilient economy. These drivers include decarbonising London’s energy supply and transport network, shifting to low-carbon goods and services and adapting infrastructure to meet future impacts of climate change. These drivers are discussed in more detail on page five. Recommended areas for action have been identified where there is an overlap of an identified strength, key policy driver and existing practice or stakeholder commitment for change. Each section therefore contains a series of recommendations for action, broken down into four levels (business, national, regional and local government) where appropriate. These recommendations are a combination of ‘strategic’ actions (such as linking sectors or building on existing programmes) and more specific tactical
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