The Green Finance Fund
The Mayor’s Green Finance Fund (GFF) was launched in 2023 and will lend up to £500m to projects that help London meet its net zero ambitions. The aim is to accelerate decarbonisation by lowering the cost of borrowing for eligible organisations.
The Green Finance Fund is open until 4 September 2025 for expressions of interest. Submit your expression of interest.
If you have any questions or would like to discuss financing options please get in touch at [email protected].
What the Green Finance Fund offers
The GFF offers uniquely flexible loans with low interest rates, agreed on a project-by-project basis.
We aim to provide rates at or below Public Works Loan Board (PWLB) prevailing rates for all organisations. For organisations with access to PWLB, the GFF offers interest rates of at least 40 basis points below PWLB prevailing certainty rates.
As well as offering low rates, the GFF can offer smaller loans than other comparable providers. The minimum loan size is £1m, which could consist of aggregated expenditure for smaller projects. Loans are expected to be below £75m, however we can discuss this on a project-by-project basis.
Our loan terms are flexible and can be up to 25 years. We'll work with applicants to understand what rates and loan terms your organisation requires to deliver schemes at pace and affordably.
Eligibility
Most public sector organisations in London are eligible for finance from the GFF, including:
- the GLA group
- local authorities
- NHS
- universities and colleges.
We can also support the decarbonisation of accredited Museums and social housing providers.
Eligible projects must be delivered within London and fall within one of three categories:
- energy efficiency
- clean transportation
- renewable energy (including district heat networks).
Loans can only be used for capital expenditure.
Read more about eligibility in our detailed applicant guidance.
Projects supported by the GFF
The GFF has already financed several projects, including the projects below. For a detailed breakdown of the 2023-24 financial year, download our Allocation and Impact report (PDF, 2.59MB).
The London underground has 272 passenger stations across Greater London with the oldest dating back 160 years. The extent of the network and its age mean continued investment is necessary to meet the needs of an ever-growing city and TfL’s Net Zero carbon targets.
To help meet this target, TfL has received finance from the GFF to upgrade the fluorescent lighting of 140 small and medium sized stations to LED.
This project is expected to reduce TfL’s greenhouse gas emissions by an average of 465 tCO2e per annum, which would represent a 45 per cent reduction in energy usage (49,175 kWh per annum). This will play a vital role in the Mayor’s ambition of London becoming a net zero city by 2030.
The London Stadium Solar Membrane Project was the first to receive finance from the GFF. The £4.35m project will install 6,500 square metres of solar membrane panels on the stadium’s roof, with expected saving of more than 200 tonnes of carbon emissions a year and the generation of enough power for all the venue’s major events.
The project is part of a range of measures to reduce energy costs and carbon emissions at London Stadium. These include solar membranes, LED lighting, chiller and air handling improvements and kiosk energy-saving devices.
How to apply
The application process is in two parts:
- An expression of interest (EOI): The Green Finance Fund will have regular EOI windows, depending on demand and availability of finance. We will review EOIs on a rolling basis during these windows, so organisations are encouraged to submit as early as possible. Details of how to submit an EOI will be published when the GFF is open for EOIs. Submission of an EOI does not guarantee project finance, nor does it commit you to using the GFF.
- Full application stage: Following the endorsement of your EOI, you'll progress to a more detailed discussion on your project, which leads to a full application process where appropriate. This will include discussions about rates, the loan terms, reporting requirements, credit checks etc.
Read our Green Finance Fund applicant guidance for more detailed information about requirements before submitting your EOI.
Application timeline
Complete the Expression of Interest (EOI) online
Complete the EOI form to begin the process. We assess applications throughout the application window, so encourage early expressions of interest. The EOI form should take no more than one hour.
Your EOI is assessed
We'll assess against our gateway criteria. For more information see the Green Finance Fund applicant guidance.
Next steps
If your project meets our eligibility criteria and are finance-ready, we will be in touch to discuss next steps and ensuring the EOI is ready to be reviewed by the Green Finance Fund Steering Committee.
If your project meets our eligibility criteria and is not yet finance ready, we can review timelines or refer you to the Mayor's Zero Carbon Accelerator, which offers technical support to get projects finance-ready.
Project endorsement
The Green Finance Steering Committee will review your EOI to ensure your project aligns with the Mayor's strategic objectives. Once endorsed, we will have an indicative discussion on the terms of an agreement, in preparation for you to submit full, detailed application forms.
Submit a full application
Once you and the Green Finance Team are confident there is potential for an agreement you will be asked to complete a full application, which is similar to application processes you may be familiar with through the Public Sector Decarbonisation Scheme (PSDS) and Mayor's Energy Efficiency Fund (MEEF).
Application assessed and approved
We will assess your full application, conduct due diligence, ask for further information if required and submit your application for approval to the Green Finance Fund Credit Committee. This process is iterative and the team is here to support you.
Credit Committee approval
We will confirm the outcome of your application and approval of terms.
Contact us
If you wish to speak to a member of the Green Finance Team please email us at [email protected]
Open for expressions of interest until 4 September 2025
Need a document on this page in an accessible format?
If you use assistive technology (such as a screen reader) and need a version of a PDF or other document on this page in a more accessible format, please get in touch via our online form and tell us which format you need.
It will also help us if you tell us which assistive technology you use. We’ll consider your request and get back to you in 5 working days.