GLAOC Green Finance Fund Letter

The London Assembly GLA Oversight Committee has written to the Mayor of London with 5 recommendations on the Green Finance Fund.

Recommendations include:

1. The Green Finance Fund should be explicit about project additionality, ensuring that it is funding projects that would not otherwise have proceeded without the funding.
2. The Committee would like to see a full list of applications for the Green Finance Fund and those projects that are being taken forward and recommends that clear criteria are set out for the use of the £75 million.
3. You should consider widening the scope for projects eligible for funding, and look into ways to make the programme more attractive.
4. You should set a clear bar for when the 36-month ‘look back’ process is appropriate and consider excluding it from the eligibility criteria.
5. The Committee recommends that the Green Finance Fund includes the reporting of the Green Jobs created by the projects.