Glasgow City Council has agreed on plans to create a specialist green investment team which will work to secure a £40 billion fund needed for Glasgow's Net Zero ambitions.

The specialist team will develop 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 aims to build on its recent achievements in attracting private sector funding, following its recognition by fDi Intelligence as Europe's top city for attracting overseas investment.

Council officers have also been exploring the financing strategies of other UK local authorities for their climate action plans. They have been collaborating with Bristol City Council and the Greater London Authority, where partnerships and climate funds with multi-million-pound profiles have been established between the public and private sectors.

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With Glasgow aiming to achieve Net Zero by 2030, a paper put before the council's City Administration Committee indicates 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 intends to bring together expertise in finance, sustainability, procurement, and law. The City Administration Committee agreed to provide £4 million over two years in support of the specialist team.

Councillor Susan Aitken, Leader of Glasgow City Council, 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."