A new £70 million fund to encourage low carbon waste and recycling projects has been launched by Mayor of London Boris Johnson.
Speaking at the London Stock Exchange, Mr Johnson hailed the Foresight Environmental Fund as London’s opportunity to become a global leader in low-carbon finance.
Sustainable asset manager Foresight Group will manage the waste and recycling fund on behalf of and as part of the London Green Fund.
The Foresight Environmental Fund includes £35m investment from the London Green Fund and a further £35m commitment from local authority pension funds and other investors.
The announcement marks the launch of Climate Week, and Mr Johnson spoke at an event designed to attract investors to London.
He said: “London’s existing lead as a low carbon financial centre means we are well placed to grab more than our fair share of the global market in associated goods, services and skills.
“This multi-million pound fund to provide greener waste and recycling facilities is a great example of the type of innovative thinking that will stimulate low carbon economic growth for the capital.”
Chief executive of FTSE Group, Mark Makepeace said: “Institutional investors are increasingly making allocations to low carbon technologies. With a deepening pool of expertise, London is well positioned to emerge as a key global centre for low carbon investment and finance.”
The Foresight Environmental Fund will provide investment for projects that will help utilise the potential value of London’s waste through infrastructure such as power plants to convert waste biomass to clean energy and facilities for recycling waste products such as food and plastics.
Partner at the Foresight Group, Matt Taylor said that a number of projects have been identified for funding but called on waste and recycling companies to approach the fund with new proposals.