Mayor announces new investment and taskforce to help London hit 2030 net zero goal

• Mayor’s keynote speech at Climate Innovation Forum reveals latest environmental plans cementing London’s place as world leader on path to net zero
• Sadiq convenes new Climate Finance Taskforce that will help London attract billions in green investment to accelerate decarbonisation across the capital
• This comes as the Mayor’s Green Finance Fund opens for applications and he commits Transport for London to a groundbreaking multi-million pound solar energy contract

The Mayor of London, Sadiq Khan, announced new funding to slash carbon emissions and unveiled a taskforce to drive more green investment this morning (Wednesday 25 June) in a keynote speech opening the Climate Innovation Forum during London Climate Action Week. 

Convened by the Mayor to help London attract the private investment required to reach net zero, the dedicated Climate Finance Taskforce will be chaired by Dr Rhian-Mari Thomas OBE, Chief Executive of the Green Finance Institute. It will bring together investors and stakeholders to develop strategies and solutions to unlock billions of pounds of private sector investment to help London reach net zero by 2030. 

During his speech, the Mayor also opened the fifth round of his £500m Green Finance Fund, which supports projects across London to deliver energy efficiency, renewables, heat networks, or clean transport.

Projects that have been supported by previous rounds include installing solar panels on the roof of the London Stadium, energy efficiency measures to support the wider extensive redevelopment of the historic Crystal Palace National Sports Centre, and funding to support the London Fire Brigade’s transition to an all-electric fleet. The Fund has committed £318m since 2023 to projects expected to save 45,043 tonnes of CO2e – equivalent to taking over 31,000 cars off the road. Organisations can apply for the next funding round now until 4 September 2025. 

The Mayor’s speech also highlighted that Transport for London (TfL) has today awarded a multimillion-pound contract to EDF Renewables UK for clean solar energy across the public transport network.

TfL is London’s largest single consumer of electricity, using around 1.6TWh per year. A new solar farm created in Essex will provide approximately 20 per cent of its output to TfL, which is about 80 Gigawatt hours (GWh) of electricity per year – enough clean energy to run the entire Tube network for a year [1] or power for both the DLR and Tram network for 15 years. In addition, the project will help to improve biodiversity in the area through the planting of trees and hedgerows to allow for natural regeneration and will create hundreds of green jobs in construction and operation at the site. 

The Mayor announced all this today in a keynote address to the Climate Innovation Forum to an audience of more than 2,000 policy makers, business leaders and investors. Set in the historic heart of the City of London, the forum provides a dynamic platform for showcasing cutting-edge solutions, fostering cross-sector collaboration, and driving forward bold climate action.

Addressing the climate emergency, the Mayor said: “Climate catastrophe is no longer that dark cloud looming in the distance. It’s here, above our heads.  From wildfires and floods, to hurricanes and heatwaves, its presence is already being felt, in cities and towns all over the world. How we respond is the great challenge of our times, but it’s also the great opportunity. Turning away from fossil fuels and towards a carbon-free future will create jobs, reduce energy prices, enable energy security and boost public health. Unlocking the promise of a green revolution is possible, but it will demand our full focus. It will call for courageous leadership. And it will require bright minds, bold ideas, and cross-border, cross-sector collaboration.”

On his ambition to make London a net zero city by 2030, he continued: “In London, it’s estimated that we’ll need £75billion worth of infrastructure investments if we’re to achieve net zero by 2030. To help meet this challenge, two years ago I launched the London Climate Finance Facility, to unlock billions of long-term flexible private finance. Our Green Finance Fund has already approved over £300million in low-cost loans – enabling projects that will lead to a reduction in emissions equivalent to taking more than 30,000 cars off the road. But we’re not stopping there. I’m also proud to be launching a brand-new Climate Finance Taskforce, to help our city attract the funding it so urgently needs.”

Dr Rhian-Mari Thomas, Chief Executive of the Green Finance Institute (GFI), commented: “London has long been a pioneer in green finance, and the GFI is proud to build on our foundational work designing the original London Green Finance Fund. This new Taskforce marks a critical next step - bringing together leading public and private capital providers to co-develop innovative financial structures that can unlock investment at scale. By aligning climate ambition with investable solutions, London can once again lead by example, catalysing a model that could ultimately be replicated across UK regions and beyond.”