Mayor announces London Green Fund

Boris Johnson, the Mayor of London, recently announced proposals for a multi-million pound "London Green Fund" to boost London's low carbon economy, create jobs and tackle climate change. The fund is expected to progress energy efficiency measures to cut carbon across London, unlock savings on fuel bills. The resulting revenue will then pay off the loans to be ploughed back into the green fund. 

The fund aims to leverage millions of pounds of private investment, bolster energy and new waste technology initiatives and enable the development of carbon cutting infrastructure, at the scale required to meet the Mayor's 60 per cent carbon reduction target by 2025.

Committed to provide an initial £4 million to develop and kick-start the fund, the Mayor intends to attract co-investment from a range of bodies, such as the EU, philanthropic funds, climate charities and the private sector. London Thames Gateway companies are likely to benefit from a whole host of new opportunities that will arise from the fund. Those operating in the retrofit market may also experience a significant boost if local public sector organisations such as NHS Trusts, universities and borough councils are allowed to use the fund to have their large building estates retrofitted.

The London Development Agency (LDA) is currently developing a simple framework for organisations to replicate the energy efficiency programme that is currently being implemented in 100 Greater London Authority group buildings.

The Mayor's green fund plans are contained in "Leading to a Greener London", detailing his environment and climate change priorities for London. The Mayor wants to improve Londoners' quality of life through an ambitious series of environmental improvements - tackling climate change, reducing pollution/improving air quality, consuming fewer resources and using resources more effectively - which also exploit the new opportunities coming from developing a low carbon economy.