Glasgow City Council has approved plans to create a specialist green investment team to help unlock a £40billion fund needed for the city's Net Zero ambitions.

The specialist team will be tasked with developing the council's relationship with the private sector so investment can be attracted to the city for crucial climate initiatives such as local heating networks, energy efficiency in buildings, renewable energy projects, electric vehicle charging infrastructure, and other schemes that can accelerate decarbonisation of the city.

Glasgow hopes to build upon recent success in attracting private sector funding after world leading business experts fDI Intelligence ranked Glasgow as Europe's number one city for bringing in overseas investment.

Council officers have also been investigating how other UK local authorities intend to fund their climate action plans and have been linking with Bristol City Council and the Greater London Authority, where partnerships & climate funds with multi-million pound profiles have been formed between public and private sectors.

With Glasgow aiming to achieve Net Zero by 2030, a paper presented to the council's Net Zero and Climate Progress Monitoring Committee indicated there is a need to accelerate the delivery of the city's carbon reduction projects. But it is also acknowledged that political oversight and governance must be in place with any decisions designed to protect the council in the longer term. The specialist team will therefore seek to bring together expertise in finance, sustainability, procurement, and law.

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Councillor Susan Aitken, Leader of Glasgow City Council, sees the formation of the specialist team as vital to Glasgow's drive to achieve carbon neutrality by 2030.

Councillor Aitken said: "There is no question that the climate emergency is the issue of our times. To reduce our carbon emissions while also adapting to and mitigating the impact of climate change creates a massive challenge for the city.

"To meet this challenge and deliver the large-scale interventions that will decarbonise our city, it has long been clear that private sector investment is required. It is not possible for the council alone to make the changes that are needed.

"But the scale of opportunity for investors is also enormous. Our Local Heating and Energy Efficiency Strategy, for example, shows that almost two-thirds of Glasgow homes could benefit from a connection to a district heating network. It is kind of plan that will attract investors as they will see the potential for a return on their investment.

"Major cities such as London and Bristol with similar ambitions to Glasgow have shared their knowledge and experience on net zero finance. But the specialist team we intend to form we will be focused on creating and delivering a green investment model that works for Glasgow. The city has great record of attracting inward investment and I am confident the step we are about to take will ultimately take us to a net zero Glasgow."

Glasgow's Local Heating and Energy Efficiency Strategy identifies 21 zones across the city where the density of heat demand shows there potential for viable district heating systems.

Options for sources of energy for future district heating networks could include extracting the natural heat from the River Clyde by using water source heat pumps, using the energy from waste created at plants such as the Glasgow Recycling and Renewable Energy Centre, drawing heat from deep geothermal wells and tapping into the city's wastewater system,

The paper before the Net Zero and Climate Progress Monitoring Committee proposed that £4m should be allocated for the creation of the specialist green investment team. Members of the committee agreed to refer the paper to the City Administration Committee where approval of the £4m funding award can be given.