11 December 2020: A number of announcements made in this Mayor of London press release issued today:
- Public sector finances alone will not mobilise the investment required to make London zero carbon and help a green recovery. Sadiq has commissioned the Green Finance Institute (GFI) to explore opportunities to maximise the flow of private capital into London’s environmental priorities. This includes the capital investment required to upgrade London’s buildings, transport and energy networks to net zero emissions. The Green Finance Institute will publish their recommendations to the Mayor in early 2021.
- Further funding for MEEF (the Mayor’s Energy Efficiency Fund). MEEF, managed by Amber Infrastructure Group, has mobilised over £250 million of public and private capital enabling projects including heat networks and electric vehicle charging infrastructure. Today the Mayor committed a further £8.2m of ERDF which will leverage further finance and further deliver on his ambitions for London. MEEF built on the previous London Energy Efficiency Fund (LEEF) – case studies of projects supported under LEEF can be seen here. Recent MEEF loans can be seen here.
The GFI work commissioned by the Mayor builds on the work undertaken by the London Sustainable Development Commission (LSDC) Green Finance working group (of which I am member of) , the output of which was published in a report ‘Financing London’s Future‘ launched at an event at London Guildhall earlier this year (see press release here). Further information on the GFI-commissioned study here.