The £100m London Green Fund is just one of the ways the mayor of London Boris Johnson hopes will contribute to London becoming a sustainable green city of the future.
Speaking at the Base London event at London’s Excel Centre this morning, Johnson outlined his vision for a sustainable London, including measures such as creating 10 low-carbon zones in and around greater London, championing decentralised energy for the capital and making London the electric vehicle capital of the world.
The purpose of the London Green Fund, according to the mayor, is that it will be used to “lever in further investment in green technologies from the private sector”.
Johnson believes London is the ideal city to lead the way in green innovation. “Already 70% of the world’s trading desks are in the capital. We have got the people, the expertise, the money and now we have got the location,” he said.
The London Green Fund will invest in climate change-relevant projects including waste, decentralised energy and energy efficiency across Greater London. It is part of the European Investment Bank and the European Commission’s Joint European Support for Sustainable Investment in City Areas.
The first pot of money to be allocated is £35m to the Waste Urban Development Fund, which aims to establish value adding reuse, recycle, reprocessing and energy-from-waste facilities in the capital. The European Investment Bank is currently considering expressions of interest for a fund manager to manage the Waste Urban Development Fund.
As part of the plans for London to become more sustainable, Johnson also announced the launch of a Green Enterprise District in London Docklands, which began with the unveiling of a £30m Siemens Pavilion, designed to be a permanent showcase for sustainable technologies.