Climate Change and the Economy (3)

Meeting: 
MQT on 2015-10-21
Session date: 
October 21, 2015
Reference: 
2015/3487
Question By: 
Fiona Twycross
Organisation: 
Labour Group
Asked Of: 
The Mayor

Question

Will you commit to work the business community to establish the true extent of London's exposure to the risk of the bursting of the carbon bubble?

Answer

Answer for Climate Change and the Economy (3)

Answer for Climate Change and the Economy (3)

Answered By: 
The Mayor

Through the London Enterprise Panel I am working with the business community to ensure the long-term success of London's economy. My Business Energy Challenge focuses on encouraging businesses to become more energy efficient, reducing their operational costs and their carbon emissions. This will contribute to a low carbon London and my target to reduce London's carbon emissions by 60% by 2025 (compared to a 1990 baseline).  In terms of "bursting of the carbon bubble" I am aware that this risk has been raised, particularly with respect to fossil fuel and energy companies, and how they may account for this. It is for those companies and their shareholders, naturally, to directly assess the business risks they may face. Certainly in terms of the wider London economy we remain conscious of the need to be on top of both risks and opportunities, at the moment I would see the bursting of the carbon bubble as a low risk event, but certainly it should not divert us from our aim as outlined in the first part of my answer to this question of ensuring London's firms are environmentally friendly and as energy efficient as possible.

Simultaneous closure of Tufnell Park and Caledonian Road stations