Cities tackling climate change retaining business investment says CDP
Cities protecting their existing businesses from the increasing risks associated with climate change are attracting new companies and driving economic growth, according to a new report.
Created from the responses of 110 global cities, and analysis from service provider AECOM, the Carbon Disclosure Project's (CDP) Wealthier, Healthier Cities report suggests that tackling climate change is helping cities to attract and retain business investment.
The report analyses more than 800 individual actions taken by cities to reduce GHG emissions at a city-wide level. The analysis looked at how many of these actions might make the city a more attractive location for business.
According to the CDP, research shows that positive economic outcomes often stem from investments in public transit, increasing green space, and building infrastructure for walking and cycling.
The majority of the emissions reduction activities carried out by cities are "pro-business", says the CDP, with 62% of the actions having the potential to attract new business investment and grow the economy.
In addition, 91% of cities believe that working to combat climate change will lead to economic opportunities for their cities, while inaction could be costly.
It found that 98% of cities say that climate change poses physical risks to their cities, including impacts to business.
Commenting on the report, The Mayor of London, Boris Johnson, said: "Saving energy and using our resources more efficiently is absolutely vital to the sustainability, diversity and full recovery of this city's economy.
"The green sector represents a new area of expertise and innovation for London, providing jobs and attracting investment while significant CO2 reductions can save businesses substantial sums, improve air quality and make the capital a better place to live and work," he added.