The report, by services firm Ernst and Young, outlines for the first time the economic boost and job opportunities for London and the UK if it positions itself at the forefront of the low carbon economy. It is called, Prospectus for London, the Low Carbon Capital,
Johnson plans to roll-out significant waste plants across London using proven waste technology to facilitate the conversion of organic waste to input renewable power to the London grid (gasification and anaerobic digestion). The report says that additional sustainable revenue streams could be created through sale of recyclate and fertiliser to industry and agriculture.
The report highlights that 14,000 jobs could be created per annum and bring £600m a year to the capitals economy if London implements its low carbon programmes. By building 98 waste and recycling plants by 2025 the report suggests that 1,260 jobs will be created a year. Jobs in the waste industry will include: research and development, finance, project management, manufacturing, installation and operations.
The London Development Agency commissioned the report and bases its figures on the Mayors existing plans such as making buildings more energy efficient, building energy-from-waste plants, and introducing low carbon vehicles.
Johnson said: I see the green economy as an unprecedented opportunity not only to improve our planet and our quality of life, but to develop new industries and create new jobs in an economic climate that is otherwise extremely difficult.
There are clear opportunities for London to create jobs and wealth by pursuing programmes to save energy and cut carbon. This report shows the capital is uniquely placed to become a leading low carbon city with all the economic benefits that would bring. I am determined that London emerges in the best possible position from the downturn and I'm taking every step required to do so. We are already making our own buildings more energy efficient saving £1 million per year. These kinds of things will not only stimulate our economy, but also help to contribute to global efforts to make the changes needed to become a less carbon belching society.