Scheme to cut London’s carbon emissions by 60% gets under way

The London Development Agency (LDA) has moved a step closer to setting up a dedicated fund for improving the energy efficiency of public buildings and social housing in the capital.

The LDA has begun the process of procuring a manager for the £50m Energy Efficiency Urban Development Fund (UDF), which is part of the £100m London Green Fund that will make repayable loans and equity investments in climate change infrastructure projects across London.

The Energy Efficiency UDF will invest initially in energy efficiency in public and voluntary sector buildings and social housing. It will be designed to allow its remit to expand in future to cover larger-scale decentralised energy projects.

The Fund is one of the LDA initiatives that will help reach the mayor’s target of cutting London’s carbon emissions 60% by 2025.

Martin Powell, mayor of London’s environment adviser, said:”The London Green Fund is an exciting innovative way to promote sustainable economic growth and help London to reach its target of cutting carbon emissions by 60% by 2025.

“Money from the London Green Fund is effectively recycled, so we get more value and can attract even more investment in London’s low carbon future. This will help London become the world’s leading low carbon big city.”