A new £500 million energy fund has been launched by the Mayor of London to help hospitals, small businesses and universities reduce their bills and cut carbon emissions.
The Mayor’s Energy Efficiency Fund (MEEF) hopes to help public-sector organisations and small businesses access the finance needed to install energy efficiency measures.
London Mayor Sadiq Khan has worked with commercial lenders such as Lloyds Bank, National Westminster Bank, Santander UK and Triodos Bank to offer flexible and competitive finance through a wide range of funding options.
It will deliver new clean technologies and upgrade existing low carbon infrastructure, with an investment period of up to 20 years
The main areas of focus are likely to include battery storage, electric vehicle charging infrastructure, decentralised energy, small-scale renewables, energy efficiency measures and low carbon data centres.
The Mayor of London, Sadiq Khan, said: “This is the largest fund of its kind in the UK that will help deliver the low carbon, sustainable projects and infrastructure London needs to cut energy costs and reduce carbon emissions across our universities, hospitals, museums and small businesses.
“It is a great example of how the public and private sectors can come together to create millions of pounds of investment for low carbon projects and help fast track London towards our goal of becoming a zero-carbon city by 2050. “