Agenda item

Report of the Executive Director of Innovation and Growth. 

The Committee considered a report of the Executive Director of Innovation and Growth providing an update on the Year 4 Quarter 3 and 4 activities (October 2024-March 2025) and seeking approval of the drawdown of funds from the original budget envelope for implementation of the Climate Action Strategy in Year 5.

During the discussion that followed, it was questioned when financial returns from the Climate Action Strategy work would start. Reference was also made to the tremendous difficulty with the Housing Revenue Account and work that was needed on social housing;  there was potential for the Climate Action Strategy programme to help, but with its timing of March 2027 not fitting in with the timing of when work can start on social housing, particularly on the Golden Lane Estate.   It was suggested that there would be a benefit in further officer conversations taking place about linking these two areas up to better effect.

The Executive Director of Innovation and Growth responded to the points raised and took the opportunity to highlight how climate action was an area where you witnessed cross department and cross institution working and where there was no silo working; colleagues were working really hard to deliver including around housing.  It was confirmed that an update on delivery against the Climate Action Strategy would be going to Finance Committee, but with initial estimates being around £30m in terms of savings so far.  The Director added how the Climate Action Strategy team were extremely engaged with housing colleagues.  Efforts remained ongoing in looking to see how far and how fast they can go across each of the 12 strands, with each of them going at a different pace and working into their individual reporting committee.  The Climate Action Strategy team would be looking to do all they can to support on crucial areas of work. 

A Member questioned whether Plan B options were being considered and if these would be ready if it was not going to be possible to meet the original obligations, with the Director responding and confirming consideration was being given to what would need to be done if it was not possible to hit Plan A.  The Director stressed that it was an area of work that needed pushing forward to see if the target can be met. 

RESOLVED: That Members: -

1. Approve the drawdown of funds from the original budget envelope for implementation of the Climate Action Strategy in FY25-26. This was split between City’s Estate (£8.4m) and City Fund (£17.8m).
2. Noted the risks to our 2027 net zero target for our own operations, and continued mitigating efforts.