A new £500 million fund has been set up in London to help businesses invest in energy-saving technologies.
The new Mayor’s Energy Efficiency Fund (MEEF), was developed with financial support from the European Union, and will be managed by sustainability experts Amber Infrastructure Group.
It is hoped that public sector buildings, such as libraries, universities and social housing, will draw on the fund to make vital upgrades to their infrastructure. Small businesses are also eligible. The money can be used on a wide range of measures, including small-scale renewables, battery storage, and stronger insulation. Investment will be provided for up to 20 years.
The Mayor of London, Sadiq Khan, has spearheaded the plan as a way of cutting energy bills and reducing carbon emissions in the capital. He is also looking to turn London into one of the world’s greenest cities with a suite of new sustainability plans announced over the past two years.
The initiative builds on an earlier scheme which helped mobilise £350 million in green financing across 76 buildings. These include installing a new heating system in a south London hospital and supporting the low-carbon measures at Tate Modern’s new museum extension.
Mr Khan said: “This is the largest fund of its kind in the UK that will help deliver the low-carbon, sustainable projects and infrastructure London needs to cut energy costs and reduce carbon emissions across our universities, hospitals, museums and small businesses.”
“It is a great example of how the public and private sectors can come together to create millions of pounds of investment for low-carbon projects and help fast track London towards our goal of becoming a zero-carbon city by 2050,” he added.
Joanne Patrick, MEEF Director at the Amber Infrastructure Group, said the fund is designed to address “market failure in London’s low-carbon sector” and will provide flexible, competitive financing across the city’s 32 boroughs.
“It’s a key part of the Mayor’s strategy to improve the capital’s existing building stock and improve the energy performance of new buildings”.
Photo Credit: MatthiasKabel/CC
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