The Green Finance Fund
The Mayor of London announced a new £500 million fund in July 2023 – the Greater London Authority (GLA) Fund – to help organisations achieve net zero by 2030. The Fund will support projects delivering benefits in energy efficiency, clean transport or renewable energy and is open to organisations in the GLA Group – any of London’s 32 local authorities, social housing providers, NHS bodies, universities and colleges.
The Green Finance Fund was one of the recommendations from the Green Finance Institute (GFI) report, Mobilising Capital at Scale for Net-Zero Projects. Following recommendations made by the London Sustainable Development Commission (LSDC) in their Financing for a Future London report in 2020, the Mayor commissioned the GFI to advise on the best way to structure a fund to support partner organisations. City Hall worked closely with the GFI as well as London Councils and 3Ci.
Organisations can bid for loans of £1 million to £75 million, with flexible loan terms and lower interest rates than the Government’s Public Works Loan Board public sector lending scheme. The funds can be used for capital expenditure, with projects that will be operational within the next three years being prioritised. One of the first projects to benefit from Green Finance Funding is the London Stadium in Queen Elizabeth Olympic Park, where the London Legacy Development Corporation (LLDC) has secured funding to install solar panel membranes on the roof. This project is expected to generate approximately 10 per cent of the stadium’s current electricity usage and is forecast to save 270 tonnes of carbon dioxide emissions per annum, the equivalent of making 70 homes carbon neutral.
Case Studies
Case Studies
17.06.24
Taskforce on Nature-related Financial Disclosures (TNFD)
The Green Finance Institute co-chaired the TNFD Informal Working Group and as well the launch of the TNFD
Case Studies
17.06.24
UK Green Taxonomy
The Green Technical Advisory Group (GTAG) provides independent, non-binding advice to Government on the design and implementation of a UK Green Taxonomy.
Case Studies
17.06.24
Battery Investment Facility
The UK’s automotive sector is critical to the UK the economy, turning over £79 billion a year and directly employing c. 800,000 across...
Case Studies
17.06.24
Utilisation Linked Finance
A successful UK-first pilot project in Orkney, Scotland, has demonstrated how deploying public finance catalytically could unlock billions of pounds worth of private capital...
Case Studies
17.06.24
Investment Readiness Toolkit/Farming Toolkit
The Green Finance Institute has developed two toolkits: (1) an Investment Readiness Project Toolkit and (2) a Farming Toolkit.
