More blended finance vehicles needed for net-zero, says London Mayor's office
Public-private partnerships need to be 'bigger and more ambitious' to help hit national sustainability targets, the Mayor of London's office has claimed.
Mete Coban, deputy mayor for environment and energy: βThe reality is that we have to go so much further to reach our ambition. In London, we need to reach Β£75 billion of investment by 2030 to help reach our net-zero targets.β
Read my story here: www.environmental-finance.com/content/news...
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That said, the Mayor has a fiduciary duty to London's taxpayers to eventually deliver both a financial return and a plan to progress towards 2030 targets.
In the backdrop of cable cars & City airport, the deputy mayor for environment and energy said other cities can learn from its strategy.
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The 'London EDGE fund' invests in energy-as-a-service projects, decarbonising institutions like universities, hospitals and schools.
The fund is a fantastic example of a blended finance vehicle in the developed market - with public & private sectors partnering in equal, working to deliver net-zero.
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I've spent today at City Hall learning about the Mayor's Β£50m investment to decarbonise London.
Through the Greater London Authority, Sadiq Khan invested into a vehicle managed by investor Sustainable Development Capital, back in November 2023. The investor met the commitment, bringing it to Β£100m.
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Blended Finance
Environmental Finance is an online news and analysis service reporting on sustainable investment, green finance and the people and companies active in environmental markets
The OECD defines blended finance as "the strategic use of development finance for the mobilisation of additional finance [commercial or private] towards sustainable development in developing countries".
I'll be following the theme through 2025 here: www.environmental-finance.com/channels/ble...
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Blended finance is considered an important tool in helping to plug the funding gap for meeting the UN's SDGs.
While the annual SDG financing gap stands at $3.9 trillion, the amount mobilised by official development interventions reached only $300 billion over 2012-2020, according to the OECD.
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Blended finance: the sustainable finance theme of 2025?
While the market awaits the (hopefully) decisive COP30, it's difficult to imagine any other theme being as impactful.
24% of investors stated they were yet to participate in such a transaction but hoped to in the future, the GIIN found.
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