USD 241.6 million loan announced to support Green Finance Fund (GFF)

The UK Infrastructure Bank has announced a GBP190 million (USD 241.6 million) loan to the Greater London Authority (GLA) to support the Mayor of London’s Green Finance Fund (GFF) for the decarbonization of buildings, energy, and transport systems across London’s public sector.

This loan allows qualifying entities, such as local authorities, social housing providers, NHS bodies, universities, and colleges, to secure financing for their environmentally friendly projects, encompassing retrofitting, heat networks, renewable energy generation, and sustainable transport infrastructure. Aligned with the Bank's shared commitment to combat climate change and promote regional and local economic development, the loan will assist the GLA in achieving London's 2030 net-zero goal.

Launched during London Climate Action Week 2023, the GFF will offer GBP 500 million (USD 636 million) in funding for eco-friendly initiatives, welcoming applications from all 32 boroughs in London. The fund seeks to expedite decarbonization efforts in the Capital by reducing borrowing costs for qualifying organizations. Serving as the Bank's inaugural investment in London, the GFF will serve as a model for similar programs with other local authorities throughout the UK.