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London Low Carbon Capital

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The London Development Agency have set out a comprehensive plan to create a Low Carbon Capital. …

The London Development Agency have set out a comprehensive plan to create a Low Carbon Capital.

The strategic plan lays out the key short, medium and
long-term initiatives that will build on London’s existing strengths and areas of advantage.

Investors will find
themselves spoilt for choice in the range of ‘green’ investment opportunities that are on offer, making for a prosperous and bright future for Londoners.

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  • 1. THE LOW CARBON CAPITAL LONdON As A gLOBAL LEAdER Of THE LOW CARBON ECONOmy
  • 2. Proposals for the Low Carbon Capital have been developed in partnership with London Councils, and with the support of Ernst and Young LLP. The Low Carbon Capital report will be available on the London Development Agency website (www.lda.gov.uk). Email us on environment@lda.gov.uk if you would like to get involved, or if you have comments and further suggestions on realising the vision of London as a global leader of the low carbon economy.
  • 3. fOREWORd A thriving low carbon Tackling climate change now is critical for the welfare of our planet. It will also be key to solving another vital issue: the need to renew the health of our economy. We are economy coupled with a drive committed to placing London at the forefront of the national and global transition to for energy efficiency will a more sustainable future to help us secure this recovery. create jobs, demand for new skills and opportunities for The capital’s existing track record as a global economic centre proves that London has the assets and expertise to be a leading provider of finance, business services, London’s businesses. and innovation within the emerging low carbon economy. To demonstrate leadership and ensure London’s sustainable future, the Mayor of London, Boris Johnson is committed to challenging carbon reduction targets. We estimate that it will cost around £40 billion investment and create a workforce of 225,000 people to achieve these ambitious goals. The London Development Agency is delivering programmes to attract private sector investment and enable successful businesses to thrive in a sustainable manner. A thriving low carbon economy coupled with a drive for energy efficiency will create jobs, demand for new skills and opportunities for London’s businesses. We have set out a robust strategic plan which lays out the key short, medium and long-term initiatives that will build on London’s existing strengths and areas of advantage in capturing and developing the nascent low carbon economy. Investors will find themselves spoilt for choice in the range of ‘green’ investment opportunities that are on offer, making for a prosperous and bright future for Londoners. We believe London is at the forefront of the technological and economic changes that will define the next century. Our comprehensive plan to create a Low Carbon Capital shows us how we can capture the economic prize. Isabel Dedring Mayor’s Advisor on the Environment May 2010 The Low Carbon Capital 1
  • 4. A LOW CARBON fuTuRE CAPTuRINg THE mARkET, CuTTINg EmIssIONs In July 2009 the G8* agreed Rebalancing the global economy towards a more sustainable future will help us address both the economic crisis and the need to become more energy smart to climate change. to cut global emissions by 80% Several leading economies have announced significant economic stimulus packages that by 2050. The collective cost incorporate a low carbon focus. is estimated at US$3 trillion. Explosive growth in the green We face significant challenges over the coming decades, to maintain secure and affordable energy supplies, to meet our renewable energy goals and to meet climate change targets. sector will generate millions of jobs globally. In response to this, the green economy is expected to grow strongly – driven by necessity, regulation and consumer preference. By taking action now we will meet legally binding energy and environmental targets, deliver a greener London for residents and take our place as a major competitive force in the global low carbon market. “Despite the efforts of the UN and other international and regional institutions, nearly 90% of the funds needed to address global warming will derive from the private sector.” United Nations, General Assembly President * The G8 is the forum of the eight most industrialised nations in the world 2 The Low Carbon Capital
  • 5. LOW CARBON CAPITAL sEIzINg THE gREEN OPPORTuNITy fOR LONdON The Mayor plans to establish To realise the full benefits of the low carbon economy London must undergo a transition away from the use of carbon intensive fuels towards a more energy efficient future. London as a world-leading This shift presents a significant economic opportunity for businesses, inward investors low carbon capital. and Londoners. We must ensure fertile conditions are in place to generate jobs, foster knowledge and create wealth for London and the UK economy through nurturing and £40bn building upon London’s strengths in the low carbon economy. London could attract between £40bn to £140bn of investment spend in the low carbon economy and create a ‘green’ workforce of over 200,000 people over the coming decades. The Mayor of London has set some of the world’s most challenging carbon reduction targets, the delivery of which will place London at the forefront of the national and global thE InvEstmEnt oPPortunItY transition to a more sustainable future. 200 The strategic action being taken by the Mayor and London’s public sector is laying the 000+ foundations for new low carbon markets. However, only by galvanising private sector support and investment will we create a flourishing green sector and move towards , a low carbon future. workforCE The Low Carbon Capital 3
  • 6. BuILdINg ON LONdON’s sTRENgTHs PROmOTINg THE RIgHT INITIATIvEs We have identified London’s London’s areas of strength will drive its low carbon economy success and comparative advantage internationally. strengths and competitive advantages in leading the low • Financial services: London, one of the world’s leading financial centres, is extremely carbon economy. Success will well positioned to enable innovation in the financing of low carbon investment. be achieved by focussing on • Scale: London’s size combined with its depth of financial expertise provides a unique initiatives that build on these combination to stimulate markets for low carbon goods and services. strengths and our existing low • Research and Development: London is favourably positioned versus other leading capital cities to realise the benefits of an innovative low carbon research and carbon programmes. development environment. • Business services: London is already world leading in many business services. It is ranked first in Europe and second overall to Hong Kong in the MasterCard Centres of Commerce Business Centre ranking. • Leadership: London has committed to ambitious targets for carbon reduction, sending a global signal that London champions the low carbon economy. 4 The Low Carbon Capital
  • 7. CREATINg THE CONdITIONs fOR suCCEss fOCussINg ON THE RIgHT PRIORITIEs By facilitating links between Research across the public, private and third sectors explored the barriers, the enablers and the opportunities. Eight core projects have been prioritised to accelerate London’s key stakeholders in London’s transition to a leading global Low Carbon Capital. These projects are aligned to the low carbon economy, the Mayor’s ambitions for London and will work alongside existing programmes to drive Mayor will work with public and inward investment. private sector partners to take 1 Securing London’s low carbon prosperity. forward a range of actions that 2 London showing the way. together, will position London 3 London setting the standard. as a global leader in the low 4 Making London’s size count. carbon economy. 5 Export London’s low carbon solutions. 6 Attract the ‘green pound’ to London. 7 London as a low carbon innovator. 8 London government setting a good example. The Low Carbon Capital 5
  • 8. EIgHT CORE PROjECTs ACCELERATINg LONdON’s TRANsITION TO A LEAdINg gLOBAL LOW CARBON CAPITAL 6 The Low Carbon Capital
  • 9. 1. sECuRINg LONdON’s LOW CARBON PROsPERITy London’s ongoing leadership London leads the world in carbon trading. Furthermore, London houses the London Stock Exchange (LSE). LSE is one of the world’s leading stock exchanges and hosts the in low carbon finance will Alternative Investment Market (AIM) for smaller growing companies. Since its launch in put the UK at the forefront of 1995, over 3,000 global companies have joined AIM. The LSE has found that every £1 generating investment in the in listing revenues generates £1,000 in revenue for business services such as professional low carbon economy. This will fees, so growth in the markets provides real economic benefit to London and the UK. build London’s leadership and In June 2009, the FTSE Environmental Opportunities Index was launched to complement protect its premier position the existing Environmental Technology Index series and to help investors identify and gain in carbon trading. exposure to firms in the environmental and renewable energy sectors. Together, London’s carbon trading strength, LSE, the FTSE environmental markets index series and AIM continue to position London as a leading destination for low carbon finance. suPPortIng LonDon’s LEaDIng PosItIon In Low Carbon fInanCE wILL: • Drive investment into the low carbon economy by providing a route to national and international finance for new and fast-growing low carbon enterprises • Enable the development of new technologies • Provide a platform for leadership in carbon management (see below) • Position London as a leader in the global low carbon economy • Provide vehicles for institutional investors to access low carbon companies • Provide an exit route for early stage venture capital investors • Drive revenue for London’s professional services sector. aCtIons for ChangE Potential impact • Work with the London Stock Exchange to promote the Environmental Indices, starting with their re-launch in September 2010. to 2025 • Support FTSE in promoting the Indices to pension funds and institutional investors. • Network with venture capital firms to raise awareness of the Environmental Indices £1bn as an investment and exit route. • Work with Government to ensure London’s leadership is protected, including exploring the need for tax incentives to attract further investment. InvEstmEnt Into LonDon 500, Co2 savIng 000 (tonnEs) The Low Carbon Capital 7
  • 10. 2. LONdON sHOWINg THE WAy By developing consistent and London already occupies a leadership position in carbon finance, trading two thirds of all global transactions in carbon emissions permits. However, as this is a relatively young robust systems for managing, but growing market, with countries such as Australia and Japan likely to adopt the cap trading and auditing carbon, and trade scheme, London is ideally placed to develop systems for carbon management, London will develop a model auditing, measurement and accounting to support the lead in carbon financing by offering that others can replicate. a ‘complete package’ for carbon management. One example is in relation to systems for managing organisations’ carbon footprint, where no single approach exists. London’s public sector could demonstrate leadership by adopting a single approach which would manage information centrally, evaluate the success of actions and therefore support carbon mitigation plans. Further opportunities exist in relation to carbon management across the value chain (the range of activites that contribute to the end product) for infrastructure projects. Again, the public sector can demonstrate leadership by managing carbon in pre-design, design and construction activities, whilst continually considering the carbon that arises during the maintenance, operation, use and decommissioning of the asset. The London 2012 Olympic and Paralympic Games aim to be the first sustainable games and provide an example of carbon management for infrastructure projects. unLoCkIng thE fuLL PotEntIaL of LonDon’s LEaDErshIP In Carbon fInanCE wILL: • Enable London’s businesses to export solutions globally • Help protect and diversify London’s leadership in carbon trading by presenting a complete solution to carbon management here • Improve efficiency in the carbon management value chain as economies of scale are created and solutions are inevitably standardised Potential impact • Drive carbon emissions reduction through improved information generation and effective carbon management. to 2025 aCtIons for ChangE £180m • Evaluate the business case and potential for the standardisation of energy emissions footprint tools across London’s public sector. • Assess the findings from existing studies on the carbon management for infrastructure projects and develop recommendations for carbon management for Greater London InvEstmEnt Authority group infrastructure projects (including Transport for London, the London Into LonDon Development Agency, the London Fire and Emergency Planning Authority and the Metropolitan Police Authority). • Showcase internationally how the London 2012 Olympic and Paralympic Games 1.3m address sustainability challenges. • Promote networks that share and develop best practice between the public and private sector on carbon management. • Encourage businesses to adopt best practice carbon management through existing Co2 savIng London Development Agency business support programmes such as the Better (tonnEs) Buildings Partnership. 8 The Low Carbon Capital
  • 11. 3. LONdON sETTINg THE sTANdARd Establishing the world’s The National Physical Laboratory (NPL) and National Measurement Office (NMO) have proposed the establishment of a London-based Centre for Carbon Measurement. leading centre for research The vision is that London sets the standard for the measurement of carbon, in the same in carbon measurement way as the capital is synonymous with the measurement of time through Greenwich and verification would Mean Time. With better information, the business community can make better decisions provide a strong platform on what low carbon technologies to use and purchase. Working with partners, the for standardisation of carbon proposed Centre will address the following three areas: accounting and strengthen • Low Carbon technology London’s position as a Providing measurement support and independent performance assessment, calibration leader in carbon financing and validation of low-carbon technologies (such as carbon capture and storage, wind and marine power, photovoltaics, fuel cells, building materials). and trading. • Carbon trading/Pricing Establishing measurement and standards infrastructure to support existing and emerging national, regional and global trading, tax and regulatory schemes for carbon pricing and reporting. • Climate Data Bringing measurement expertise to climate data, particularly where it is an input to modelling – reducing the uncertainty in climate projections and placing policy for climate change mitigation and adaptation on a firmer footing. The Centre would create new knowledge and skills in these areas and plug into the international measurement community. This will provide a strong platform from which to influence the standardisation of carbon accounting internationally. PosItIonIng LonDon as a gLobaL LEaDEr In Carbon mEasurEmEnt anD aCCountIng wILL: • Complement London’s leadership position in low carbon finance Potential impact • Position London as a leader in the global low carbon economy to 2025 • Enable value for money low carbon decisions through accurate information and evidence £90m • Support low carbon businesses by helping them get their technology verified and accepted by the market • Benefit London’s businesses working globally by promoting standardisation of international carbon accounting practices. InvEstmEnt Into LonDon aCtIons for ChangE • Work with stakeholders, including Government and inward investment agencies, 10, to realise the Centre’s creation – NPL and NMO are working with potential partners 000 on a business case. • Promote London’s leadership position in technical verification of carbon trading through its expertise in measurement and standards. • Work with public and private sector partners to bring forward the standardisation Co2 savIng of international carbon accounting. (tonnEs) The Low Carbon Capital 9
  • 12. 4. mAkINg LONdON’s sIzE COuNT With an investment opportunity Access to finance is the key barrier to delivering London’s low carbon ambition. Strong project pipelines are now in place for decentralised energy, waste and energy efficiency of £8 billion and scope for projects in London. This is a huge opportunity for investment in London, and London’s implementing energy efficiency role as a major centre for business and finance will be vital in delivering this investment. measures in every building New financing models are now being developed to meet this demand and London’s in London; we need to work financial institutions must develop new propositions for funding these green investments. with the finance community to develop fundable investment LonDon’s ProgrammEs foCus on thrEE maIn arEas: models for energy efficiency 1. Decentralised energy – generating more energy locally to reduce dependence measures. on the national grid and to capture and utilise waste heat – a by-product of energy generation. 2. Waste – using London’s waste as a fuel to generate energy, developing waste to energy plants using technologies like anaerobic digestion and gasification (as opposed to incineration). 3. Energy efficiency – making London’s homes and workplaces more energy efficient – enabling London’s businesses and residents to make significant saving off their fuel bills as well as saving carbon. The London Development Agency is running a series of energy efficiency programmes focussed on saving energy across all of London’s building stock including London’s business, its public sector buildings and London’s homes. These programmes are now being introduced at scale across London. For example, there is a growing pipeline of 60 public sector organisations for the RE:FIT public sector building retrofit programme. In the Greater London Authority (GLA) Group, the first tranche of 42 buildings has achieved savings of £1million per annum. The RE:NEW homes retrofit programme has installed energy saving measures in nine London boroughs, reaching 8,500 homes as part of the first wave of implementation. By 2012 this programme will reach at least 200,000 homes Potential impact and the aim is to retrofit 1.2 million homes by 2015. to 2025 In workplaces, these measures include the latest in energy efficient lighting and £8bn improvements to heating, ventilation and air conditioning. Significant savings are also being realised from improved building management control systems. Delivering measures with both short paybacks and longer paybacks together is allowing building owners to invest in renewable technologies such as solar photovoltaic cells and combined heat and power generation. InvEstmEnt In homes, the RE:NEW programme is installing a series of ‘easy measures’ including Into LonDon energy saving light bulbs, power-down switches to reduce the amount of energy wasted by electronic items in standby mode, radiator panels and water saving measures such as 1.5m tap aerators. Where the house type allows, the programme is also installing loft and cavity wall insulation, and in future will extend to renewables as the market develops. Co2 savIng (tonnEs) 10 The Low Carbon Capital
  • 13. Financing is however a key barrier to action across decentralised energy, waste and energy efficiency. The London Development Agency on behalf of the Mayor is establishing the London Green Fund. The aim is for the London Green Fund to attract private sector investment into London. It is estimated that £500 million of private investment could be leveraged through this structure where £114 million of London Development Agency seed fund would be invested as equity and/or guarantees in energy efficiency, waste and decentralised energy projects. The London Green Fund will also unlock investment in decentralised energy, waste and in commercial and public sector buildings. These areas provide investors in the fund with clear tangible assets in the case of decentralised energy and waste projects. Commercial and public sector buildings retrofitted through the RE:FIT model will be attractive to investors as they provide a financially guaranteed payback on the energy saving measures installed. However, unlocking investment required to deliver energy efficiency measures to London’s homes, particularly the more expensive measures, needs a ‘Pay As You Save’ model. This type of model will provide upfront financing to the householder, and repayments are made from the resulting energy savings. National government has indicated their support for such a scheme and London provides an ideal opportunity to pilot new funding mechanisms as the home delivery model is already in place through London’s RE:NEW programme. This type of model could also be made available to London’s plethora of smaller organisations where the RE:FIT approach may not be appropriate. PromotIng LonDon as a tEst bED for sCaLabLE fInanCIng moDELs wILL: • Drive the development of the low carbon economy in London by stimulating markets for retrofit • Demonstrate the financial attractiveness of investment in decentralised energy, waste and energy efficiency • Make a significant reduction in London’s carbon footprint • Reduce spending on energy bills for all of London’s business and residents • Enhance London’s low carbon skill base and deliver new green jobs. aCtIons for ChangE • Work closely with London’s financial institutions to make the London Green Fund attractive to private investment. • Work closely with Government and financial institutions to develop and trial green investment models in London, including a scalable ‘Pay As You Save’ model. • Approach likely funders to test the financing options and to gain broad agreement to the most appropriate green investment models. The Low Carbon Capital 11
  • 14. 5. ExPORT LONdON’s LOW CARBON sOLuTIONs By demonstrating that their London’s challenges are also its strengths. London’s scale with over 300,000 businesses, 3.2 million households and over 7 million residents creates both a vibrant market low carbon products and for goods and services but also a complex and intensive business environment. services work in a big city While London is one of the world’s leading finance centres, this puts pressure on the setting, London’s businesses infrastructure that supports the city and Canary Wharf. There is an opportunity for will be well-placed to London businesses to develop solutions to low carbon economy challenges in a major export them nationally and world city and export these internationally. internationally. One example is the data centre market. Data centres underpin most business and government applications and are particularly important to sectors key to the low carbon economy such as financial services, utilities and telecommunications. The UK has the largest share of the expanding European data centre market (16%); growth in the low carbon economy will require the necessary infrastructure; and data centres are energy intensive with high carbon emissions. Many data centres would like to expand their London operations but encounter two barriers: lack of low carbon power generation and issues with planning and land availability. There is a risk that lack of data centre capacity may start to be a barrier to growth. Furthermore, increasing competition from other cities and the obligations of the Carbon Reduction Commitment could mean that existing data centres shrink their business in London or even close as the cost of meeting the targets overrides expected revenues. ExPortIng InnovatIvE soLutIons that CataLYsE Low Carbon growth In a bIg CItY wILL: • Enable London to retain its leading position in key sectors in the face of international competition • Decarbonise London’s business activities. aCtIons for ChangE Potential impact • Consult with the data centre industry to establish barriers to growth and how London to 2025 government can support the sector in addressing these. • Carry out analysis on potential locations for data centres, particularly addressing the £1bn perception of flood risk as a barrier. • Work with inward investment agencies such as UKTI and Think London to support new data centres. • Broker further partnerships and collaboration between the data centre industry and InvEstmEnt universities on low carbon data centre design and retrofit measures. Into LonDon 1.5m Co2 savIng (tonnEs) 12 The Low Carbon Capital
  • 15. 6. ATTRACT THE ‘gREEN POuNd’ TO LONdON We will attract investment Geographical clustering is a key driver of inward investment. London has had significant success in encouraging sector agglomeration, for example in creative industries, legal in the low carbon economy and financial sectors, in which London is a global leader. These already demonstrate key and encourage innovation in strengths in the low carbon economy, having diversified their offer to respond to the low carbon technologies by growing demand across the value chain for green goods and services. promoting clustering. There are also a number of developing geographical clusters specialising in low carbon industries. Industrial land areas in London present opportunities for inward investment by target sectors such as automotive, energy efficient buildings, waste management, wind power component manufacture and servicing and low carbon housing systems. The Green Enterprise District in East London has been identified as a focus area for investment by low carbon enterprise. London’s inward investment agencies are already working with a pipeline of over 50 low carbon companies interested in locating in London. These could generate in excess of 3,000 jobs. PromotIng thE growth of CLustErs to DrIvE thE Low Carbon EConomY wILL: • Enable businesses to export products and services globally, using London’s leadership position in specific clusters • Present a powerful case for inward investment from companies interested in capitalising on the market opportunity and aligning themselves to London’s existing success stories. aCtIons for ChangE • Implement proposals for the Green Enterprise District in East London under the following themes: attracting green enterprise to East London; decarbonising Potential impact enterprise and stimulating demand; positioning the District at the forefront of to 2025 low carbon innovation and maximising the potential of green and open spaces and the District’s waterways. £180m • Proactively target inward investment in clusters that support the low carbon economy through London’s inward investment agencies and business support programmes. • Map energy, transport, waste and heat infrastructure and demand across London to identify potential clustering opportunities. InvEstmEnt • Facilitate networks between private sector, research institutions and planners Into LonDon in priority clusters. • Consider the scope for specific incentives, including land based incentives, to promote growth of clusters. 500, Co2 savIng 000 (tonnEs) The Low Carbon Capital 13
  • 16. 7. LONdON As A LOW CARBON INNOvATOR By supporting the deployment London is a centre for UK innovation with London-based companies responsible for more than half of the total UK R&D (Research & Development) spend of £21bn. Four of less proven technologies, of the world’s top ten leading universities are located in the Greater South East, of which we can strengthen London’s two are in London (University College London and Imperial College). No other city in position as a location to the world has more than one top ten leading university in its region. finance, develop, demonstrate London is already a world leading research centre for carbon capture and storage and commercialise innovative (CCS), with the largest CCS research programme in the UK advanced concepts of low carbon solutions. photovoltaics and in the development of bio-fuels. London has a natural strength for low carbon R&D and innovation as a result of these factors combined with the concentration of businesses and financial institutions and the potential to demonstrate solutions at scale. In 2008, the UK hosted 34 private venture capital backed clean technology companies with a cumulative total of £186m invested in them; of these over 90% were located in London. Germany followed with 25 companies with £123m invested and France had 12 companies with £30m invested. However, new low carbon technology companies find it difficult to access funding, and those that are funded often do not reach commercialisation. There is little funding for suppliers at the R&D stage of the project life cycle. Venture capital funding is not spread evenly across the supply chain and tends to be concentrated in proven technologies. There is a risk that key low carbon technologies could be developed elsewhere and pull highly skilled people to these centres. suPPortIng Low Carbon r&D wILL: • Further strengthen the UK innovation base and the academic institutions’ profile internationally • Establish London and the Greater South East as a leader in low carbon research Potential impact • Drive London’s carbon reduction through the testing and commercialisation of R&D. to 2025 aCtIons for ChangE £10m • Address information failures so new low carbon technology companies can engage with the investment market. • Consider the scope for ‘bending’ existing public sector grant programmes towards low carbon R&D. • Support and build upon existing low carbon networks to ensure organisations InvEstmEnt involved in low carbon R&D have access to potential funders. Into LonDon 300, Co2 savIng 000 (tonnEs) 14 The Low Carbon Capital
  • 17. 8. LONdON gOvERNmENT sETTINg A gOOd ExAmPLE This project aims to harness London’s local authorities alone are responsible for a supply chain worth over £9bn. Together with the GLA group and the health sector, this presents a huge opportunity the spending power of to stimulate low carbon markets and drive carbon emissions reduction through the London’s public sector public sector’s procurement activities. However, the public sector landscape in London organisations to drive low is extremely complex and a number of organisations are already addressing joint carbon markets. procurement initiatives. Therefore, actions concentrate on building upon this work to bring forward low carbon procurement. CataLYsIng growth In thE Low Carbon EConomY through thE PubLIC sECtor’s own ProCurEmEnt wILL: • Promote inward investment in the low carbon economy, creating a demand for local labour • Achieve economies of scale which will, in turn, incentivise low carbon procurement • Demonstrate leadership in the low carbon economy • Drive down London’s carbon emissions • Stimulate low carbon R&D by demonstrating and de-risking low carbon purchasing solutions. aCtIons for ChangE • Identify priority areas and strategic goals for public sector low carbon procurement. • Evaluate international models of best practice and consider replicating successful models in London. • Identify and support lead boroughs and steering groups to champion/research new low carbon category business cases and tests. • Consider establishing a panel of private sector and leading London research institutions to work with the public sector to develop and bring to market low Potential impact carbon solutions. to 2025 • Establish a way of recognising best practice and innovation in municipal procurement of low carbon technologies. £100m InvEstmEnt Into LonDon 2.5m Co2 savIng (tonnEs) The Low Carbon Capital 15
  • 18. THE WAy fORWARd London is well-placed to lead strEngth the drive towards a stronger London will build on its considerable existing strengths, its capacity to attract investment, more sustainable global its sizeable skilled low carbon workforce, its strong appetite for transition and its economy, to establish itself favourable geographic and demographic endowment. as an international centre of excellence and the Low Carbon CommItmEnt Capital of the world. This Our commitment to transforming London into a world leading low carbon capital and a champion for the low carbon economy is a strategic priority. We have set ambitious will bring wealth, economic targets and a suite of strategies and plans is already bringing low carbon opportunities opportunity and jobs to our city. to people and businesses across London. aCtIon For London to succeed in claiming its position as global Low Carbon Capital, we need to focus on the right delivery vehicles and on financial and human resourcing excellence. The Mayor’s office will play an important role in setting the direction and building a framework for change. • We will concentrate on the eight core projects outlined. • The Mayor’s leadership, coordination and resources will accelerate these activities. He will work across the Mayoral bodies, boroughs, inward investment agencies, academia, central Government and London’s businesses. • The London Development Agency will establish a governance and delivery function to define and maintain standards that will manage low carbon actions and projects. suCCEss Driving these proposals forward successfully will make London’s business environment second to none for low carbon focused investment, growth and skills development. Transforming our city into the world’s leading Low Carbon Capital will improve the quality of life for London’s residents, businesses and visitors. 16 The Low Carbon Capital
  • 19. Printed on Evolution Text a 100% recycled paper, manufactured without the use of chlorine. NAPM and ISO 14001 certified.
  • 20. THE LOW CARBON CAPITAL London Development Agency Palestra 197 Blackfriars Road London SE1 8AA T 020 7593 8000 E environment@lda.gov.uk www.lda.gov.uk Textphone 020 7593 8001