Plans for a £4m green fund have been announced in an effort to advance London’s low-carbon economy, tackle climate change and create green jobs.
The fund will work by investing savings from green initiatives into energy efficiency measures to cut carbon across London. The resulting savings will then pay off upfront loans that will be used to further finance the fund.
Mayor of London, Boris Johnson, said: ‘We want to provide an easy way to tackle the maze of complex red tape that currently acts as a deterrent as well as provide the upfront funds needed to take action. An innovative eco-fund will help London become energy efficient in a simplified way.’
The investment will target energy and waste technologies, as well as aiding organisations such as the NHS, universities and borough councils with retrofit schemes to provide solar panels, boiler upgrades and cooling equipment in large buildings.
Martin Powell, director of project delivery at the London Development Agency, said: 'The Mayor has set an ambitious challenge to reduce the amount of carbon being emitted by London's buildings. The London Development Agency is developing a range of schemes to unlock the potential carbon savings available to organisations and businesses operating in the capital.'
The Mayor’s initial investment is hoped to attract funding from bodies such as the EU, climate charities, philanthropic funds and the private sector to help meet London’s target of a 60 per cent reduction in carbon emissions by 2025. The fund is expected to be launched at the end of the financial year.