Mayor launches £70 million-plus waste fund

22 Mar 2011 03:21 PM

The Mayor of London Boris Johnson has launched the Waste urban development fund, which will provide at least £70 million to finance low carbon waste and recycling infrastructure in London.

The Mayor announced that Foresight Group, a leading sustainable asset manager, will manage the waste and recycling fund on behalf of and as part of the London Green Fund. The Foresight Environmental Fund will include £35 million investment from the London Green Fund which Foresight has doubled with commitments for a further £35 million from local authority pension funds and a range of other investors. Foresight aims to attract £200 million from pension funds and other private sector investors.

This will help make London a world leader in finding new ways to exploit the cash value of waste, use it to generate green energy whilst creating jobs and developing valuable exportable skills.

The London Green Fund was launched in October 2009 by the Mayor of London. It is made up of £50 million from the London European Regional Development Fund Programme (ERDF), £32 million from the London Development Agency (LDA), and £18 million from the London Waste and Recycling Board (LWARB). The Fund is part of the “Joint European Support for Sustainable Investment in City Areas” (or JESSICA) that was developed by the European Commission and the European Investment Bank.

The European Investment Bank manages the London Green Fund on behalf of the London Development Agency and the London Waste and Recycling Board.