Race is on for the world's greenest city

London-based businesses will be able to take advantage of an innovative new
programme designed to cut the carbon emissions of buildings in the capital,
announced by Ken Livingstone in association with 15 of the world’s biggest
cities.

The
Energy
Efficiency Building Programme aims to reduce the carbon footprint of the
capital’s buildings, which account for almost 75% of London’s emissions.

The programme, which was first developed by the
Clinton
Climate Initiative, brings together four of the world’s largest energy
service companies, five of the world’s largest banks and the 15 cities.

It will offer building owners a package with three elements:

• An energy audit to quantify current energy use and emissions from a
building and a range of measures to reduce them;

• A comprehensive, discounted offer of goods and services guaranteed to
deliver the identified reductions; and

• Finance to pay for the works, paid back through the guaranteed energy
savings.

Separately, Citigroup, one of the banks taking part in the programme, has
said it will direct $50bn over the next 10 years to address global climate
change.

The bank said it would target investments to support alternative energy and
clean technology among its clients as well as its own business, and includes
$10bn already spent. “The comprehensive program… is not a wish-list, but a
realistic, achievable plan that serves a critical global need and responds to an
emerging investment opportunity,” said chairman and CEO, Charles Prince.

Some of the initiatives Citi highlighted were to:

• Reduce its environmental footprint through its own real estate portfolio,
procurement and energy use;

• Invest in and finance more than $31bn in clean energy and alternative
technology over the next 10 years; and

• Offer climate-friendly mortgage, card and commercial finance products.