London Announces £500m Green Finance Fund to Drive Net Zero Goals by 2030

Sadiq Khan, the Mayor of London, England, has announced the launch of a £500m (~US$635m) fund to help organizations achieve net zero by the year 2030. The Green Finance Fund will support projects delivering benefits in either energy efficiency, clean transport, or renewable energy.

The Fund is open to organizations in the GLA Group, any of London’s 32 local authorities, social housing providers, NHS bodies, and universities and colleges. Organizations can bid for loans between £1m – £75m, with flexible loan terms and lower interest rates than the Government’s Public Works Loan Board public sector lending program. The funds can be used for capital expenditure, with projects that will be operational within the next three years being prioritized.

A recently approved project is the London Stadium, where the London Legacy Development Corporation (LLDC) will install solar panel membranes on the roof. This project is expected to generate approximately 10% of the stadium’s current electricity usage and is forecast to save 270 tonnes of carbon dioxide emissions per annum.

The mayor has also agreed to make up to £34.2m from the fund available for Transport for London (TfL) to finance various projects over the next three years. These include new LED lights at Underground stations, replacement LED streetlights, new solar panels at Tube depots and energy efficient improvements to TfL buildings across the city. These projects are estimated to save at least 8,900 equivalent tonnes of carbon dioxide each year.

“We’ve already allocated funding to some exciting projects around London and I’m looking forward to seeing what other green initiatives we can support. The fund is open for applications now so don’t delay,” said Khan. “By working closely together on energy efficiency projects we can help build a better London for everyone, a cleaner and greener city for all.”