The Mayor of London, has announced a new £100 million
fund to support decarbonisation projects across London in
partnership with Sustainable Development Capital LLP (SDCL).
The London EDGE Fund partnership will unlock additional
investment from the private sector and enable many more
organisations across the capital to make energy efficient
choices. Sadiq has committed £50 million from City Hall which is
to be matched by funds managed by SDCL, who will also manage the
Fund.
EDGE will invest in projects that have the capacity to achieve
significant reductions in energy usage, greenhouse gas emissions
or other pollutants across London. Building on SDCL’s expertise
in low-carbon infrastructure, the Fund will focus on energy
efficiency, on-site generation and clean energy solutions - areas
key to helping London achieve net zero by 2030 – like installing
building management systems, heat pumps, solar panels, and
electric vehicle charging.
The EDGE Fund will play a vital role in increasing the level of
private investment in low-carbon infrastructure in London, acting
as a keystone investment for the London Climate Finance Facility,
which also includes the Green Finance Fund. EDGE will fund
numerous projects over the course of the next four years,
accelerating London’s shift to net zero and solidifying London’s
leading position as a city delivering climate action. The Fund
will set a global example of how private finance and cities can
work together to achieve decarbonisation goals by investing in
projects that will promote green jobs and low-carbon
infrastructure.
London was the first global city to declare a climate emergency
in 2018 and Sadiq has set an ambitious target for London to reach
net zero by 2030, ahead of the UK Government’s 2050 goal, to
mitigate the most devastating impacts of climate change. The
London EDGE Fund is one of the many ways Sadiq is working closely
with the private sector to help reduce London’s carbon emissions.
The Mayor of London, , said: “I’m committed
to making London net zero by 2030 and this is achievable, as long
as we work closely together to help deliver energy efficient and
low carbon projects.
“This new fund will help us unlock additional investment from the
private sector and enable us to support many more organisations
across the city as they make energy-efficient choices.
“London is a world-leading city and this fund will support
hundreds of companies as we build a better, cleaner and greener
London for all.”
Jonathan Maxwell, Founder and CEO of SDCL,
said: “London is a global hub for servicing the
transition and finding creative ways for private capital to play
its full part in unlocking projects that are vital to get to net
zero. Since SDCL launched we’ve worked with industrial customers
around the world to help improve their economic competitiveness
and drive their decarbonisation strategies. We’ve a long track
record of working with municipalities too and I am delighted to
work with the GLA and the Mayor on this latest initiative. As
the C40 has made clear, cities are vital agents of change when it
comes to net zero. With the EDGE fund, London continues to lead
by example and I look forward to seeing the types of projects we
can help to deliver.”
Mark Watts, Executive Director at C40
said: “This new fund is exciting news and an
important step towards accelerating the delivery of London’s
carbon targets. By reducing the demand for energy and increasing
the uptake of clean energy, this initiative will contribute
significantly to phasing out the use of fossil fuels in the city
- reducing emissions and improving air quality."
