The UK Infrastructure Bank will provide a £190 million loan to support eco-friendly and sustainable construction projects.
The funding provided to the Greater London Authority (GLA) will serve as the foundation for the Mayor of London's Green Finance Fund (GFF).
This will allow local authorities, social housing providers, NHS bodies, universities, and colleges to secure financial support for their environmentally-friendly initiatives. These initiatives encompass retrofitting, heat networks, renewable energy generation, and the development of green transport infrastructure.
It is also hoped that the loan will help the capital reach its goal of reaching net zero by 2030.
The Green Finance Fund (GFF) was established during London Climate Action Week 2023, offering a substantial £500 million in funding for environmentally conscious projects, open to all 32 boroughs of London.
Its primary mission is to expedite the decarbonisation efforts throughout the city by reducing borrowing costs for eligible organisations.
By extending a loan to the GFF, a broader array of projects can tap into the Bank's financial resources to contribute to climate change mitigation.
Lorna Pimlott, UK Infrastructure Bank Managing Director, Local Authority Advisory & Lending, said:
"The public sector has a huge role to play in tackling climate change and this transaction is an excellent example of how we can work in partnership with public sector organisations to realise their net zero projects.
“I hope our loan to the GFF also provides a model for how we can help other areas across the UK. We are keen to hear from other local authorities planning similar initiatives."
Sadiq Khan, Mayor of London, said:
"There is no time to delay in tackling climate change and I would like to thank UK Infrastructure Bank for recognising that and providing this loan so we can deliver the innovative green initiatives the capital needs.
“By working closely together on projects to tackle the climate crisis and its impacts we can help build a better London for everyone, a cleaner and greener city for all."
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