Working with consortium members Arup as technical advisor and RBS as funder, LEEF will invest up to £100m in energy efficient projects aimed at helping London’s public sector reduce its carbon emissions. These currently amount to 4 million tonnes a year, or 10% of the capital’s overall carbon footprint.
The LGF was established by the European Investment Bank (EIB) on behalf of the London Development Agency and the London Waste and Recycling Board. LEEF is the second Urban Development Fund established by the LGF for London and forms an integral part of the Mayor of London Boris Johnson’s vision to radically reduce the capital’s carbon emissions by 2020.
The consortium will target the fund at a range of public sector building projects in the capital that are being upgraded with energy efficient retrofit measures - including boiler replacements, ventilation upgrades, building fabric improvements, and efficient lighting, as well as innovations such as controls and smart meters.
Amber estimates the scale of the energy efficiency retrofit market in public sector buildings in London to be £5.6bn. It is estimated that, across the UK, reducing carbon emissions from public sector buildings could save £4.5bn by 2020 by
LEEF is funded through £50m of public investment from the European Regional Development Fund, London Development Agency and the London Waste & Recycling Board and up to £50m from RBS. The closed-ended fund will be managed and operated by the consortium for 10 years.
Investment may be delivered through the existing Greater London Authority (GLA) RE:FIT programme, but this is not mandatory and a wide range of bodies and projects are eligible for LEEF funding.
Amber, which already manages JESSICA in Wales through the £55m Regeneration Investment Fund for Wales, is currently shortlisted for its third JESSICA scheme, the £48m Scottish Urban Development Fund, making Amber a UK market leader in investing public funds for a financial and socio-economic return.
Details of how to apply are available at www.leef.co.uk.