European and local money to go towards decentralising energy, recycling and waste energy creation
London will benefit from a £100m investment into sustainable projects, which could create 1,000 jobs.
The Joint European Support for Sustainable Investment in City Areas fund (JESSICA) comprises cash from the London Development Agency, the European Commission and the London Waste and Recycling Board, and will finance decentralised energy, recycling and waste energy creation projects.
£50m comes from the European Regional Development Fund, £32m from the London Development Agency, and £18m from the London Waste and Recycling Board.
Boris Johnson, the mayor of London, said: “This funding is hugely important to both east London and to the capital as a whole. It will provide a major jobs boost to some of Europe's most deprived areas and play a major role in the capital's work to tackle climate change, helping to stimulate a low-carbon economy.”
Among the projects that could benefit from the cash is the London Thames Gateway Heat Network, which will initially capture low-carbon heat from Barking power station, and other affordable low carbon heat sources and has the potential to supply up to 120,000 homes and properties with their heating and domestic hot water requirements.