7:20am Sunday 8th November 2009
More than 1,000 jobs will be created as part of a £100m green funding boost to regenerate some of the poorest parts of London.
The move, announced by the Mayor of London, Boris Johnson, and European Commissioner for Regional Policy, Paweł Samecki, will finance decentralised energy, recycling and waste energy creation projects.
As well as regeneration benefits, the projects 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.
The initial investment in the Joint European Support for Sustainable Investment in City Areas fund is made up of £50m from the European Regional Development Fund, £32m from the London Development Agency, and £18m from the London Waste and Recycling Board.
Mr Johnson said: “This funding is hugely important to London. It will provide a major jobs boost to some of Europe's most deprived areas and play a major role in the capital's work to tackle climate change, helping to stimulate a low carbon economy.
“I am pleased that the European Commission recognises that whilst London is a major world city and leading financial centre, parts of the capital face real hardship.
"Imaginative EU funding programmes like these can act as a catalyst to attract further investment into these areas, ensuring regeneration evolves into sustained prosperity with the vital dividend of improving our environment.”
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