Missing the 2030 net zero goal could cost the council £3M yearly in carbon credits, says a climate report.
The report used London School of Economics forecasts. They need £3 million yearly for carbon credits. This offsets emissions to meet the 2030 goal. Officers think this cost will drive action and should it prioritize needed activity and investment.
A group found that £64 million might be needed to achieve net zero by 2030. Some funds may come from partnerships, and they might also get external funding. The challenge is bridging a resource gap, as they have £1.239 million reserved while needing far more to meet net zero.
Council officers said emissions dropped “disappointingly.” The increased electricity use caused this, as electric vehicles and new lights used more. Heat pumps also added to the usage. Since 2019, emissions dropped twelve percent. Improvements must happen faster, officers say.
The report says failure risks bad publicity. Acting now brings social and economic gains, which can also create environmental benefits. These actions will reduce perceived risks. The council declared a climate emergency in 2019 and pledged carbon neutrality by 2030.
The council cabinet agreed to borrow money. They will borrow £18.692 million and plan to buy 280 new vehicles. 102 of the vehicles will be electric. These will replace older fleet vehicles out of 600.