Government funding for CO2 reduction

Meeting: 
MQT on 2011-11-16
Session date: 
November 16, 2011
Reference: 
2011/3564
Question By: 
Murad Qureshi
Organisation: 
Labour Group
Asked Of: 
The Mayor

Question

How much funding do you require from Government to meet London's CO2 reduction targets? What representations have you made and what assurances have you received with regard to this funding?

Answer

Answer for Government funding for CO2 reduction

Answer for Government funding for CO2 reduction

Answered By: 
The Mayor

Officers are drafting a response which will be sent shortly.

Written answer provided on 28 November 2011:

The scale of investment required to meet the Mayor's target to reduce CO2 emissions by 60 per cent has been estimated to cost in the region of £40 billion. To deliver the Mayor's contribution to that target requires £14 billion. These levels of funding are not something that can, or should, be delivered by the public sector alone. That is why I am using existing public sector funding streams to attract and unlock private sector investment. This is no different from any other infrastructure investment challenge facing the UK, and London, as one of the world's premier financial centres should be in an ideal position to grasp the opportunity.

I will continue to lobby Government to ensure that they contribute towards delivering my programmes in London.