The Mayor of London, Sadiq Khan, has launched the first part of London’s Green New Deal fund with £10 million invested in projects to boost green jobs, tackle the climate emergency and address inequalities.
The first phase of the fund will, it is hoped, secure around 1,000 jobs for Londoners, and support the green industries that are crucial to meeting the city’s climate targets and recover from the economic and social impacts of COVID-19. The jobs will be in areas such as solar panel installation and other programmes to make homes more energy efficient.
New data shows that London’s £48 billion green economy now supports five per cent of jobs in the capital – it is worth more than the construction and manufacturing sectors combined and has grown rapidly over the last decade, creating more than 161,000 new jobs in that time*. The Mayor’s Green New Deal Fund supports the London Recovery Board’s ambition to double the size of the green economy in London to £100 billion by 2030, an ambition that would kick-start greater job growth over the next decade. The pan-London Recovery Board – co-chaired by the Mayor of London – co-ordinates the planning for London’s future post-COVID.
Energy efficiency and low-carbon heat projects will cut energy bills and improve living conditions for thousands of Londoners. Funding will be provided to green London Small and Medium Enterprises (SMEs), in particular supporting Black Asian Minority Ethnic and female-led enterprises, and also support London Living Wage paid internships for those starting their careers into cleantech businesses – which are business that develops solutions to environmental challenges through technology.
The Mayor says the Green New Deal demonstrates his commitment to tackle the climate emergency including setting a target to make London a zero carbon city by 2030 and having a climate plan for London that is compatible with the highest ambition of the Paris Climate Agreement. Once projects from the first £10m fund are completed, they will save up to 20,000 tonnes of CO2 per year directly and support the ability to rapidly scale up further carbon savings across London.
The new fund will boost the green economy by supporting SME jobs as well as creating and retaining a range of jobs such as solar panel installers, designers, engineers and various jobs in construction including site managers, supervisors and builders.
This initial £10m investment from the GLA will be broken down into three areas – decarbonising the Built Environment, green transport and public realm, and green foundations where new and existing businesses in the green economy are supported.
The Mayor of London, Sadiq Khan said: “I am delighted to be investing £10 million in projects that will create green collar jobs in London as part of our Green New Deal that will both support our economic recovery from COVID, and tackle inequalities faced in our city.
“The funding will directly help those most likely to experience cold and damp homes, and also support Londoners with limited access to green space. We must rebuild our city post COVID so that it’s cleaner, greener and fairer.
“With just under a year to go until the UK hosts COP26, the government this week set out its ambition for meeting its climate targets, but this can only be achieved if the Government gives cities the power and funding they need to deliver. We have a proven track record that shows when cities are empowered to deliver, they are given the ability to deliver the transformation that we need to our economy and society.”
Lord Karan Bilimoria, CBE DL, CBI President, said: “London’s Green New Deal prioritises bold, low-carbon investment which will be welcomed by business who want a green recovery from the pandemic that helps us towards net-zero emissions.
“The creation of 1,000 new skilled jobs for Londoners, and support for SMEs, are welcome moves. This will help bring about the green energy upgrades for homes, and clean transport links, that will give Londoners more opportunities to reduce their carbon emissions.
“Establishing effective partnerships between public and private sectors will be vital if London is to meet the Mayor’s goal of becoming a zero carbon city by 2030. Firms across London’s fast-growing green economy stand ready to support this.”