£500m Green Finance Fund opens to London local authorities Posted on: July 10th, 2023 Urgent action is needed to tackle climate change. We are seeing the impacts of climate change accelerate in London and globally. Last year London experienced drought, record temperatures and heatwaves that also led to wildfires across the city and the busiest day for the London Fire Brigade since the Second World War. Globally we saw the devastating impacts of flooding in Pakistan, which combined with a severe heatwave, a heavier than usual monsoon and melting glaciers, left over 2 million people without homes. The need to take urgent action has never been clearer, both to reduce emissions and to adapt London for a changing climate. Based on overwhelming scientific evidence of the need to accelerate action, in 2021 the Mayor of London brought forward London’s net zero goal by 20 years to 2030. In early 2022, the Mayor published his preferred pathway to net zero by 2030, building on an analysis undertaken by Element Energy.Reference:1 The Mayor’s preferred ‘Accelerated Green’ pathway balances ambition with viability. It requires a significant acceleration in action across the city, achieving by 2030: Over 2 million homes and a quarter of a million non-domestic buildings to be properly insulated. 2.2 million heat pumps in operation in London. 460,000 buildings connected to district heating networks. A 27 per cent reduction in car vehicle km travelled. Fossil fuel car and van sales ended and enforced in line with Government’s existing commitments. Delivering this change can enhance London’s productivity and support jobs. It will also create a fairer and healthier London for people to visit, live and work in, while reducing our energy consumption and reliance on volatile fossil fuel markets. Delivering the ‘Accelerated Green’ pathway requires around £75 billion of infrastructure investment by 2030, and £108 billion out to 2050. That investment will need to come from many sources. It will require greater funding from central and local government, but the public sector alone cannot support the scale of investment required. Private capital can be a force multiplier for public funding, enabling large-scale renewable energy projects, energy-efficient infrastructure and retrofit, and sustainable transportation systems. It can also bring innovation, business expertise and new technologies to build London’s sustainable future. “I will support the City to be the world leading centre for green finance, including setting up a new financing facility to bring more investment for infrastructure in London.” Mayor of London, Sadiq Khan