Carbon Offset Funds Report 2019
In March 2019, London’s 35 LPAs (the 32 boroughs, City of London Corporation, London Legacy Development Corporation and Olympic Park Development Corporation) were asked to submit a response to the GLA’s survey on the value of their funds, expenditure since October 2016, the types of projects being selected for funding and the governance arrangements that are in place to manage the fund. This report summarises the findings from this survey.
Based on the results, the report concludes with recommendations for LPAs for the next phase of the zero carbon and offset policy in light of the adoption of the new draft London Plan in early 2020, which extends the zero carbon target to major non-residential development and increases the recommended carbon offset price from £60/tonne to £95/tonne.
Policy SI2 part D of the new draft London Plan requires LPAs to monitor and report annually on the operation of their carbon offset funds. The GLA will facilitate this reporting by issuing an annual survey to LPAs; the results of which will be published in a report. This report completes this process for 2019.