In February 2022, the Mayor announced proposals to issue green bonds that would secure approximately £500 million of decarbonisation and other climate-related projects in London.[1] In practice, this means the GLA will borrow £500 million – at a cost of £86 million in interest. This cost is equivalent to 12 per cent of the Mayor’s £776 million 2022-23 revenue expenditure on services.[2]
To date, the GLA has provided very little information to the London Assembly about the risks, or the governance, management or scrutiny arrangements for the programme.
The Mayor has indicated that the Green Bond Programme priority investments are likely to include social housing retrofitting, the development of district energy networks and electric vehicle charging infrastructure.[4]
Tomorrow, the GLA Oversight Committee will examine:
- The governance arrangements, including the relative roles and responsibilities of the GLA’s Treasury and Environment teams
- The risks associated with the programme, including the impact of recent economic events
- The financing arrangements, the timescales and upcoming project milestones.
The guests are:
- Luke Webster, Assistant Director, Group Treasury and Chief Investment Officer, GLA
- Catherine Barber, Assistant Director, Environment and Energy, GLA
- Jennifer Crago, Head of Green Finance (interim), GLA
- Chloe George, Head of Environment, Social and Governance, Seahorse Environmental
- James Watkins, Head of Policy and Public Impact, London Chamber of Commerce and Industry
The meeting will take place on Wednesday, 9 November from 10.00am, in The Chamber, City Hall, Kamal Chunchie Way.
Media and members of the public are invited to attend.
The meeting can also be viewed LIVE or later via webcast or YouTube
Follow us @LondonAssembly
Notes to editors
- Mayor announces £90 million towards new green bonds | London City Hall
- P6 2022-23 GLA Group Final Budget
- Green Bonds Initiative | Mayor's Question Time (london.gov.uk)
- Read the agenda papers.
- Léonie Cooper AM, Chair of the GLA Oversight Committee, is available for interview.
- Find out more about the GLA Oversight Committee.
- As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.
For media enquiries, please contact Alison Bell on 07887 832 918. For out of hours media enquiries, call 020 7983 4000 and ask for the London Assembly duty press officer.