Low carbon economy (4)

Meeting: 
MQT on 2012-09-19
Session date: 
September 19, 2012
Reference: 
2012/2620
Question By: 
Andrew Dismore
Organisation: 
Labour Group
Asked Of: 
The Mayor

Question

What funding from the Joint European Support for Sustainable Investment in City Areas (JESSICA) has London received, by financial year? How much of that funding has been provided to businesses?

Answer

Answer for Low carbon economy (4)

Answer for Low carbon economy (4)

Answered By: 
The Mayor

'JESSICA' is a financial engineering instrument created by the European Commission and European Investment Bank, which can form part of the delivery of EU regional 'structural funds'. London's 2007-13 European Regional Development Fund (ERDF) programme used 'JESSICA' to invest £50 million ERDF into the London Green Fund.

The Fund has recently made its first two investments into PlasRecycle Ltd (£1.15 million) and TEG Biogas Ltd (£5.2 million). Further investments are expected shortly. In accordance with EC rules, 'JESSICA' funding must be utilised by the end of 2015.