Mayor of London launches £500m business energy efficiency fund

The Mayor of London, Sadiq Khan, has launched a £500 million ($664 million) fund to encourage property developers and owners across the city to install energy efficiency measures in their buildings such as battery storage, electric vehicle charging infrastructure, and small-scale renewable energy generation.

The launch is part of the Mayor’s goal to cut London’s emissions by 60 percent below 1990 levels by 2025 before reaching net zero carbon emissions by 2050. The Mayor’s Energy Efficiency Fund (MEEF) is supported by specialists Amber Infrastructure Group and £43 million ($57 million) from the EU’s European Regional Development Fund (ERDF).

Khan said MEEF was the largest fund of its kind in the United Kingdom and would help deliver low carbon projects and infrastructure to help cut businesses’ costs, energy use and emissions.

Amber Infrastructure Group will manage MEEF.