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As a result of the leverage of substantial levels of money from a range of sources (for example, the private sector, the London Green Fund and other European programmes), the Mayor and the London Development Agency (LDA)'s funding pot for climate change and environment programmes is at record levels with the prospect of more to come from these external sources. The emphasis on creating commercially viable, and therefore effective,programmes means less reliance on public funds and that a total pot of £116.5m is being spent on or in place for carbon reduction projects. Of this amount £16.5million is now confirmed as coming from the London Development Agency over the next financial year - this includes the LDA's allocation of money coming from the European Regional Development Fund and money committed from the European Commission.
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The Mayor wants to position London as the world leading low carbon capital by 2025 attracting an estimated £40 billion of investment and creating an estimated 200,000 jobs over coming decades. This will help ensure our competitiveness as a leading global city in the 21st century. Despite of the LDA's overall need to find savings, the far greater additional sums being leveraged in means key programmes can continue, in some cases with additional funding. These programmes will deliver a range of carbon reduction initiatives to support the delivery of a low carbon economy and jobs, energy efficient homes and workplaces, low carbon waste infrastructure and decentralised energy projects. LDA funding will also support urban greening projects and GLA group work to cut emissions coming from London's food system.
Boris Johnson, the Mayor of London, said: "In taking a canny approach to the use of public funds, I can confirm my continued support for a raft of effective carbon cutting programmes. As a result of this activity, London is being transformed into a greener, cleaner world-leading low carbon city with new jobs and enterprises."
(CD)
