A new £500m fund to support London’s net zero by 2030 ambitions is open to the capital’s 32 local authorities.
The mayor of London, Sadiq Khan, has launched the Green Finance Fund to assist projects delivering benefits in either energy efficiency, clean transport or renewable energy.
As well as local authorities, the fund is open to organisations in the GLA Group, social housing providers, NHS bodies, universities and colleges.
Organisations can bid for loans of £1m to £75m, with flexible loan terms and lower interest rates than the government’s Public Works Loan Board public sector lending scheme, City Hall said.
The funds can be used for capital expenditure, with projects that will be operational within the next three years being prioritised.
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The Green Finance Fund was one of the recommendations from the Green Finance Institute (GFI) report ‘Mobilising Capital at Scale for Net-Zero Projects’, in which the GFI advised on the best way to structure a fund to support partner organisations. City Hall said it worked closely with the GFI as well as London councils and 3Ci to develop the fund.
The fund is now open for applications; information on the process is available here.
Mayor Philip Glanville, London Councils’ executive lead for climate change, transport and environment, said: “London is a busy, diverse, and dynamic global city with more than 9 million residents, a thriving hub of industry and a tourist hotspot. As city leaders we have a responsibility to confront the carbon emissions London produces head-on.
“Securing finance is a crucial step to meeting our climate ambitions and [the] launch of a Green Finance Fund will allow boroughs to break ground on green projects that will accelerate decarbonisation.
“London boroughs and the City of London are committed to working alongside GLA and other partners to secure a green future for London and unlocking London’s role as a centre for green finance. We are also determined to put our people and communities front and centre so they will be able to make their own changes and play a part in London achieving net zero by 2030.”
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