London’s Mayor Boris Johnson plans to unleash “green business dragons” of the future with a new competition for low carbon innovators.

Students in the capital are being invited to participate in a ‘Dragon’s Den’ style competition – headed by entrepreneur and investor Deborah Meaden – pitching their new business ideas to cut future carbon emissions and enhance the capital’s green economy.

The winner will bag a £20,000 prize to help make their idea a reality and will also be crowned ‘Low Carbon Entrepreneur 2014’. Six runners-up will have the chance to become paid interns with prize sponsor Siemens.

Entries can range from new product design, transport facilities, energy efficiency, water management, food and waste recycling or any other sustainable ideas.

Mr Johnson said: “London’s burgeoning green economy is full of potential and I want to encourage every bright young mind to consider what they can add. Somewhere out there is the next big idea that could transform the way we live and work while helping reduce our carbon emissions and encouraging huge investment and growth in the capital.”

The competition is in its third year and is open to students at Further and Higher Education institutes across London. It also forms part of the Mayor’s commitment to reduce 60% of carbon emissions by 2025.