Author: Lebona Vernon
London, August 17th 2018:
The world is changing. With the consequences of climate change already here, and the average temperature of the earth rising at an alarming rate, the time for change is now. Industries are now working towards operating in ways that reduce their impact on the planet and London is leading the way in demonstrating that investing in the right kind of energy can deliver significant carbon and energy savings to both public and private sector organisations.
Building on the success of the London Energy Efficiency Fund (LEEF), The Mayor of London’s Energy Efficiency Fund (MEEF) is the first fund fully dedicated to energy efficiency in the UK. Established by the Mayor of London, Sadiq Khan, earlier this year and launched in July, this new £500m investment has been established with the aim of helping London become a zero-carbon city by 2050. According to the fund manager, Amber Infrastructure Group, the fund seeks to address market failure by providing technical support and competitive and flexible state aid compliant finance to projects, including funding for up to 20 years.
A flexible and competitive form of finance, the fund was put in place after a study found that many public and private organisations where struggling to put into place energy efficient measures despite wanting to as they were lacking the funds necessary to do so. 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.”
The MEEF aims to jumpstart the investment in new energy projects and continue with London’s efforts to focus on environmental sustainability and maximise energy efficiency. Joanne Patrick, MEEF Director at Amber Infrastructure Group, said: “MEEF seeks to address market failure in London’s low-carbon sector by providing flexible and competitive finance to enable, accelerate or enhance viable green infrastructure across London’s boroughs” helping businesses new and old, save energy and spend less on bills.
London is leading the way in implementing initiatives to help decarbonise electricity grids and maximise energy efficiency. The third fund dedicated to improving energy savings, and the first fully dedicated to such, London has a proven track record addressing pollution and doing more to decarbonise the grid. The initiatives put in place over the past few years are already having a visible impact and have already reduced CO2 emissions by over 35,000 tonnes, that’s like taking 32,000 cars off the road.
The hope now is that this will encourage other cities around the world to get involved. Leading the way in global development as always, London has shown just how much can be accomplished when the government provides an incentive. With the aim of leading by exampling and jump-starting the investment into new energy saving projects worldwide, London is well on their way to their goal of being a zero-carbon city by 2050, and hopefully, the rest of the world isn’t too far behind.
The way we get our energy is likely to develop significantly over the coming years. If you would like to know more about the Mayor of London Energy Efficiency Fund, or you would like to know more about our products and solutions and how we can help you make an impact, please contact KiWi Power today.