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2 The Case for City Disclosure

“In June 2010, the Mayor of London announced the creation of London’s Green Business District. The London Development Agency estimates that a low-carbon marketplace could generate between £40 billion and £140 billion of investment in London and create a workforce of 200,000 by 2025. The District covers an area of 48km2

and will

support London’s goal of becoming a global leader on the development of green enterprise, promoting the city as a place for eco-enterprises to do business.”

Greater London Authority, UK23

2.1.3 Fostering Innovation The world’s 40 largest mega- regionsiv

produce two-thirds of

global economic output and nearly 9 in 10 new patented innovations.24 Investment and innovation go hand- in-hand. Cities have the opportunity to capitalize on their position as both centers of intense economic activity and knowledge capital to become the driving force behind the development of a low-carbon economy. Those cities that innovate in response to climate change will also grow their positions on the global stage.

Knowledge-based economies tend to better maintain socio-economic sustainability; they attract high-technology industries, create new jobs, and develop a highly skilled labor pool. Those cities that use their reporting and climate change strategy implementations as an opportunity to put in place local clean-tech business incentives and infrastructure can enable new sector growth and proactively open up avenues for sustainable economic growth. Disclosure will bring those cities that are leading in “green” innovation to the attention of investors, offering them the opportunity to base themselves at the heart of this innovation.

“The Lahti Cleantech cluster in Finland encouraged innovation and development of environmental

technologies by bringing together small and large enterprises, educational organizations, and regional authorities. As a result, 170 new jobs have been created, 20 new clean- tech companies have set up in the Lahti region, and the project has attracted more than €30 million in total investment.”

OECD Report,

Competitive Cities and Climate Change.25


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