London Mayor sets up fund to green public buildings
Hundreds of public buildings in London are set to get a green makeover with low-cost loans from a £100 million fund announced by the Mayor of London Boris Johnson. London’s public buildings are responsible for 10% of the capital’s carbon emissions. Retrofitting energy-reduction measures will reduce fuel bills and emissions, as well as creating jobs and helping to develop skills.
Flexible finance from the fund will pay for energy-efficiency measures, with return on investments made through resulting energy savings. A team of experts will be available to help speed buildings through retrofitting programmes.
There will be a £50 million contribution from the London Green Fund to set up the new fund, which will be known as the London Energy Efficiency Fund, led by Amber Infrastructure. Amber has expanded the fund’s value with upfront commitments for £50 million from RBS, and the company is expected to leverage in further amounts over the life of the project. Amber will work with Arup as technical adviser.