WIREDGOV

The London JESSICA fund will mean £100 million will be spent on climate change projects in London after a deal was signed last week.

JESSICA is the Joint European Support for Sustainable Investment in City Areas fund. It will bring together £50million from the European Regional Development Fund, £32million from the London Development Agency, and £18million from the London Waste and Recycling Board.

By matching the funding from the LDA and London Waste and Recycling Board, JESSICA is effectively doubling the amount of money to be invested in projects such as the ground breaking low carbon Thames Gateway Heat Network and projects that increase the proportion of waste that is reused or recycled.

The London Development Agency's Head of the European Programmes Management Unit, Alex Conway said

"This is just one of a number of initiatives the London Development Agency is implementing to achieve the Mayor's vision to reduce emissions, create a more sustainable energy supply, and make London a greener place to live.

"Last week's announcement will enable us to development a sustainable energy system to meet the needs of Londoners today. The Thames Gateway Heat Network will be a hot water transmission system that will connect homes, businesses, schools, hospitals and public buildings throughout the London Thames Gateway."

This project will enable some of London’s poorest communities to benefit from reduced CO2 emissions and regenerative initiatives. It will also encourage energy efficiency, create jobs, skills and help to address fuel shortages.

"We are taking a pioneering and exciting approach to sustainability and regeneration. This week’s announcement is the culmination of a lot of hard work between London and Europe. It demonstrates the innovation we are applying through our European Regional Development Fund programme, enabling us to make further investment in projects that benefit Londoners."

As well as regeneration benefits, the investment from JESSICA will promote sustainable and carbon neutral economic growth, combat climate change and help the capital towards its target of reducing London's CO2 emissions by 60 per cent by 2025.