Our Green Finance Fund work
The Green Finance Fund Framework
The London Green Financing Framework describes how the GLA will finance expenditure that is critical to tackling the climate crisis and other environmental challenges, through the issuance of green bond and other green finance instruments.
The Framework provides investors and stakeholders with assurance that funds will be allocated to robustly evaluated environmentally sustainable activities. It defines the projects eligible for financing with proceeds under the Framework and outlines the process used to identify, select, and report on eligible projects, as well as arrangements for managing the proceeds.
The Green Finance Fund is the mechanism through which the Framework we will be implemented. This means that the GFF will operate in line with the Framework and any proceeds secured under the Framework will be deployed through the GFF.
In November 2023, Sustainable Fitch provided the GLA with a Second-Party Opinion (SPO) on its Green Financing Framework, which confirmed it aligned to both the ICMA Green Bond Principles and the LMA Green Loan Principles. The framework was assigned a qualification of 'Excellent'.
GFF Green financing framework - November 2023
GFF Second party opinion - November 2023
Allocation and impact reports
The Allocation and Impact Report provides information about the fund’s activities, in particular: the amounts allocated to eligible projects and the projects’ associated environmental impacts.
To provide transparency and confidence to investors and other stakeholders about the fund’s activities, the report is reviewed by an independent agency.
2024-25
2023-24
The 2023–24 report was reviewed by S&P Global. Download their reporting review (PDF, 279.35KB).
The Green Finance Fund Credit Committee
The GFF Credit Committee exercises delegated authority from the Mayor to, among other things, decide on the Green Finance Fund investments, ensuring that these meet the objectives of the fund and comply with the Green Financing Framework.
The Committee comprises of four senior GLA staff and three independent members. Members have decades of combined experience in public sector finance and governance, public sector infrastructure projects, private finance, ESG and sustainability management.
Committee members
Enver Enver covers the role of Credit Committee Chair in Green Finance Fund Credit Committee.
He is currently GLA Interim Chief Finance Officer.
Luke Webster covers the role of Credit Committee Member in Green Finance Fund Credit Committee.
He is currently GLA Assistant Director, Group Treasury and Chief Investment Officer.
Philip Graham covers the role of Credit Committee Member in Green Finance Fund Credit Committee.
He is currently GLA Executive Director, Good Growth.
Catherine Barber covers the role of Credit Committee Member in Green Finance Fund Credit Committee.
She is currently GLA Assistant Director, Environment.
Alina Gheorghiu-Currie covers the role of Credit Committee Independent Member in Green Finance Fund Credit Committee.
Alina Gheorghiu-Currie brings 20 years of experience in renewable infrastructure investment, finance and accounting and social impact.
Alina is the Director for Heat Networks – London at Vattenfall Heat UK, where she is leading the team to construct and develop district heating networks, including Brent Cross Town in north London and Riverside Heat Network in the city’s southeast.
In her previous roles, Alina held responsibility for leading investments and acquisitions for an impact infrastructure fund manager and was part of the start-up team becoming the UK Green Investment Bank where she focused on accelerating investment in the nascent decentralised energy sector, including developing district heating, energy efficiency and onsite renewable energy projects.
Alina is also a qualified Chartered Public Finance and Accountant and has worked with government organisations to improve financial management in support of public services.
Dr Jeremy Gorelick covers the role of Credit Committee Independent Member in Green Finance Fund Credit Committee.
Dr Jeremy Gorelick is a development finance practitioner with twenty years of experience in mobilising capital for complex infrastructure projects across Africa, Asia, and Latin America, raising over USD 4.6 billion.
He currently serves as team lead for projects on behalf of bilateral and multilateral aid agencies, all targeted at raising funds for strategic investments into sustainable infrastructure across Africa and Asia.
Over the past ten years, he has served as global technical expert on climate and/or urban infrastructure finance lead for multiple organisations, including the Bill & Melinda Gates Foundation, the World Bank, the IFC, USAID, GIZ, AFD, UK FCDO, UK DESNZ, and the OECD among others. On all these previous projects, he has been responsible for assisting public sector entities to convert high-level ideas into investible opportunities through the development of both compelling narratives and defensible financial models.
He received his PhD from the University of Cape Town with a focus on financial mobilisation for infrastructure in emerging markets and has lectured at the Johns Hopkins University since 2010 on emerging markets finance.
Laurence Monnier covers the role of Credit Committee Independent Member in Green Finance Fund Credit Committee.
Laurence Monnier is an investment committee and board member with over 30-year experience in infrastructure investment and risk management across private markets.
She also sits on the investment committees of:
- Temporis Investment Management’s impact strategy, a clean energy investment fund
- ImpactA global, an emerging markets infrastructure debt strategy.
She is also Senior Advisor to Gira Strategic Finance a UK merchant bank focusing on energy transition.
Previously, Laurence worked at Aviva Investors, a large European asset manager, where she led the growth of the infrastructure debt platform to top three in the UK.
Laurence subsequently founded real assets quantitative research to guide portfolio construction across infrastructure, real estate and private debt. She also established policies and processes to incorporate ESG and net zero in real assets investment.
Prior to Aviva Investors, Laurence held senior rating and credit roles at Fitch, Deutsche Bank, RBS and Hypo Real Estate.
Laurence sits on the advisory committee off EDHEC infrastructure, a leading industry think tank.
She holds a Master of Management from HEC Paris as well as the Investment Management Certificate.
The Committee’s terms of reference are outlined at Annex A in the Green Financing Framework.
More from the London Climate Finance Facility
The Mayor’s Green Finance Fund will lend up to £500m to projects that help London meet its net zero ambitions.
Learn more about how the Mayor's London Climate Finance Facility is tackling the challenge of financing London's journey to net zero.
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