Mayor of London's Energy Efficiency Fund
The Mayor of London's Energy Efficiency Fund (MEEF) is a £500m investment fund to deliver the low carbon, sustainable projects and infrastructure London needs to tackle the climate emergency.
MEEF supports projects that deliver new low carbon technology or upgrade existing infrastructure to help achieve the Mayor’s ambition to make London net zero by 2030. These include making buildings and infrastructure more energy efficient and ensuring they are supplied with clean sources of heat and power and supporting low carbon transport in the capital.
The fund was established by the Mayor with funding from the European Regional Development Fund and managed by Amber Infrastructure. It works by providing flexible and competitive financing to enable new or retrofit projects to adopt low carbon technologies or upgrade existing low carbon infrastructure.
Supported projects
Since its launch in July 2018, MEEF has provided investment to public authorities and the private sector, mobilising over £250m of capital and reducing London’s CO2 emissions by more than 15,000 tonnes per year.
Projects funded include:
- Zenobe Energy to install electric charging infrastructure at a bus depot in Walworth.
- London Borough of Southwark for installing water source heat pumps to over 2,000 homes in the borough.
- London Borough of Enfield to part-finance the construction of its Meridian Water Heat Network which will supply over 10,000 new homes with low carbon energy.
Upgrading London’s infrastructure to net zero, including buildings, energy systems and transport, is estimated to cost around £61 billion. Public sector finances alone will not mobilise the investment required to achieve this. MEEF demonstrates how London can meet its zero carbon targets through a combination of public and private sector capital.
The Mayor has so far committed £73.8m from the European Regional Development Fund to MEEF, and Amber secured £456m from private investors (including Lloyds Bank, National Westminster Bank, Santander UK, Sumitomo Mitsui Banking Corporation and Triodos Bank).
MEEF is open for business and more information can be found at www.meef.co.uk
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