London’s ‘Square Mile’ to go 100 percent green in October

The City of London Corporation has announced its intention to power the UK capital’s financial district – which is home to the Stock Exchange and the Bank of England – using electricity sourced from renewables starting in October 2018.

London’s famous “Square Mile” is turning green come October, and no, there are no plans to paint all the buildings. Instead, The City of London Corporation, the governing body of Square Mile (actually, it is 1.2 square miles), announced it will draw 100 percent of its power from renewable sources starting this October.

 The city’s governing body said it plans to install solar panels on local buildings, investing in larger solar and wind projects, as well as purchasing clean energy from the grid. The move to 100 percent renewables is in line with the initiative put forth by London Mayor Sadiq Khan, who hopes to increase London’s solar capacity – eventually making the capital a zero-carbon city by 2050.

In a statement, Catherine McGuinness, Chairman of the City of London Corporation’s Policy and Resources Committee, said: “Sourcing 100 percent renewable energy will make us cleaner and greener, reducing our grid reliance and running some of our buildings on zero-carbon electricity.”

The City Corporation is a major public services provider in the capital. It manages a wide portfolio including social housing across six London boroughs, 10 high-achieving academies, three wholesale markets and 11,000 acres of green space including Hampstead Heath and Epping Forest. It is also an investor in properties and other corporate buildings.

City Corporation has taken on a number of environmentally-friendly initiatives, including the installation of EV charging points in the Barbican, and a trial of the UK’s first fully electric refuse truck.

 The City of London is a city and county that contains the historic center and the primary central business district (CBD) of London, UK. It is also called simply “the City,” or the “Square Mile.” The City is differentiated from London or the “city of London,” by capitalizing the “c’ in City.
Of historical interest, the City lies within the area of London that originally lay within the ancient city walls. The walls built by the Romans are largely gone now, although vestiges can still be seen outside the Museum of London, while another part of the wall is near the Tower of London.

The City is often compared to Wall Street in the U.S. There are 255 foreign banks, which is more than any other financial center. It also is home to the Bank of England and houses other institutions such as Lloyds and the London Stock Exchange.

While about 9,100 people reside permanently within the City, every workday, about 300,000 workers enter the City to work in small and large business and financial institutions.