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Mayor announces new £100 million fund to accelerate London-wide decarbonisation, in partnership with leading UK investor

Posted on: December 2nd, 2023 by Francesca.lorenzini No Comments

Mayor announces new £100 million fund to accelerate London-wide decarbonisation, in partnership with leading UK investor

New London Efficient and Decentralised Generation of Energy Fund will support new low-carbon infrastructure projects across London
Sustainable Development Capital LLP (SDCL) to partner with City Hall to manage the Fund

The Mayor of London, Sadiq Khan has announced a new £100 million fund to support decarbonisation projects across London in partnership with Sustainable Development Capital LLP (SDCL).

The London Efficient and Decentralised Generation of Energy Fund partnership will unlock additional investment from the private sector and enable many more organisations across the capital to make energy efficient choices. Sadiq has committed £50 million from City Hall which is to be matched by funds managed by SDCL, who will also manage the Fund.

London Efficient and Decentralised Generation of Energy Fund will invest in projects that have the capacity to achieve significant reductions in energy usage, greenhouse gas emissions or other pollutants across London. Building on SDCL’s expertise in low-carbon infrastructure, the Fund will focus on energy efficiency, on-site generation and clean energy solutions – areas key to helping London achieve net zero by 2030 – like installing building management systems, heat pumps, solar panels, and electric vehicle charging.

The London Efficient and Decentralised Generation of Energy Fund will play a vital role in increasing the level of private investment in low-carbon infrastructure in London, acting as a keystone investment for the London Climate Finance Facility, which also includes the Green Finance Fund. The London Efficient and Decentralised Generation of Energy Fund will fund numerous projects over the course of the next four years, accelerating London’s shift to net zero and solidifying London’s leading position as a city delivering climate action. The Fund will set a global example of how private finance and cities can work together to achieve decarbonisation goals by investing in projects that will promote green jobs and low-carbon infrastructure.

London was the first global city to declare a climate emergency in 2018 and Sadiq has set an ambitious target for London to reach net zero by 2030, ahead of the UK Government’s 2050 goal, to mitigate the most devastating impacts of climate change. The London Efficient and Decentralised Generation of Energy Fund is one of the many ways Sadiq is working closely with the private sector to help reduce London’s carbon emissions.

The Mayor of London, Sadiq Khan, said: “I’m committed to making London net zero by 2030 and this is achievable, as long as we work closely together to help deliver energy efficient and low carbon projects.

“This new fund will help us unlock additional investment from the private sector and enable us to support many more organisations across the city as they make energy efficient choices.

“London is a world-leading city and this fund will support hundreds of companies as we build a better, cleaner and greener London for all.”

Jonathan Maxwell, Founder and CEO of SDCL, said: “London is a global hub for servicing the transition and finding creative ways for private capital to play its full part in unlocking projects that are vital to get to net zero. Since SDCL launched we’ve worked with industrial customers around the world to help improve their economic competitiveness and drive their decarbonisation strategies. We’ve a long track record of working with municipalities too and I am delighted to work with the GLA and the Mayor Sadiq Khan on this latest initiative. As the C40 has made clear, cities are vital agents of change when it comes to net zero. With the London Efficient and Decentralised Generation of Energy Fund, London continues to lead by example and I look forward to seeing the types of projects we can help to deliver.”

Mark Watts, Executive Director at C40 said: “This new fund is exciting news and an important step towards accelerating the delivery of London’s carbon targets. By reducing the demand for energy and increasing the uptake of clean energy, this initiative will contribute significantly to phasing out the use of fossil fuels in the city – reducing emissions and improving air quality.”

Sustainable Development Capital LLP (SDCL)

Established in 2007, Sustainable Development Capital LLP (“SDCL”) is a specialist investment firm with a proven track record of financing and developing clean energy, energy efficiency and decentralised energy infrastructure projects in the UK, Continental Europe, North America, and Asia. SDCL was founded to facilitate investment into environmental infrastructure markets and has since launched several funds pioneering energy efficiency solutions. SDCL has raised several innovative energy efficiency investment vehicles, including the first such vehicle listed on the LSE. SDCL has also completed more than 50 green energy solution investments since 2007 and has over $2 billion of AUM. For more information, visit

About the London Climate Finance Facility

The Mayor’s 2021 manifesto committed to establish a finance facility to further his environmental aims. The GLA commissioned the Green Finance Institute (GFI) to advise on the approach and structures for a London Climate Finance Facility (LCFF).

The Green Finance Institute outlined options to create a London Climate Finance Facility. This includes the Green Finance Fund, which enables local authorities, social housing providers, NHS bodies, universities and colleges to access funding for their green projects and the London Efficient and Decentralised Generation of Energy Fund which will support any London organisation aiming to reduce their carbon footprint.

About the Green Finance Fund

The Mayor’s Green Finance Fund was launched at London Climate Action Week 2023 and will lend up to £500m to projects that help London meet its net zero ambitions. The aim is to accelerate decarbonisation by lowering the cost of borrowing for eligible organisations.

Private Equity Wire: SDCL exceeds USD2bn for energy efficiency investments

Posted on: November 11th, 2021 by dusted No Comments

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WSJ: Wallflowers of the Green Energy Boom

Posted on: May 10th, 2021 by dusted No Comments

Energy-efficiency projects may lack the excitement of wind turbines or hydrogen but offer solid paybacks for building owners based on existing technology.

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This is Money: Can you Generate Energy from Solar Panels and Store It? These Firms Offer Batteries that allow Homes to Trap Power so it doesn’t go to Waste

Posted on: April 26th, 2021 by dusted No Comments

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Inspiratia: Market Welcomes UK’s 78% Emissions Cut Target, but Awaits Plan

Posted on: April 20th, 2021 by dusted No Comments

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Financial Times: Letter from Jonathan Maxwell – ‘Proven Technologies Exist for a Green Steel Industry’

Posted on: April 14th, 2021 by dusted No Comments

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Energy Unplugged Podcast: Jonathan Maxwell, CEO of Sustainable Development Capital LLP

Posted on: March 18th, 2021 by dusted No Comments
  • Jonathan’s motivation for starting a sustainable investment business
  • The importance of energy security and resilience
  • ESG investment and achieving high ESG performance

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Rishi Sunak Unveils £12billion Plan for Infrastructure Bank to Fuel New Green Industrial Revolution

Posted on: March 3rd, 2021 by dusted No Comments

Jonathan Maxwell, chief executive of sustainable investment firm Sustainable Development Capital, said: ‘SDCL welcomes today’s Budget as it positions London as the global centre for green finance in the run up to November’s COP26.

‘Proposals to issue the UK’s first sovereign green bond and introduce super-deductions on capital allowances are essential measures for supporting businesses and the economy.

‘The creation of a £12billion Infrastructure Bank in particular shows the Government’s ambition to help deliver the local authority and private sector infrastructure projects that will encourage a green recovery.

‘However, the Government must ensure that financing from the Bank prioritises energy efficiency and local production investment, including in public sector buildings such as hospitals, if it wishes to achieve the rapid decarbonisation necessary to reach Net Zero.’

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BNEF: EU to Slash Building Emissions with Renovation Wave

Posted on: October 16th, 2020 by dusted No Comments

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Buildings across Europe are in for a revamp. The ‘Renovation Wave’ strategy launched on October 14 has gone out big – pushing for a 60% reduction in emissions from buildings to be achieved through energy efficiency and fuel switching. Buildings are the single biggest contributor to final energy consumption in Europe, generating over one-third of emissions.

Central to the EU’s grand plan is an ambition to double the rate of energy efficiency renovations and renovate 35 million buildings by 2030. This would be 20 million more homes than is expected from current activity. But it is not only energy efficiency being targeted: The strategy also aims to reduce heating and cooling demand by a massive 18% over the next decade, which will be hard to reach.

BNEF estimates that doubling the renovation rate to 2% per year will decrease heat demand by 6% by 2030. Thus, building retrofits alone will not be sufficient to achieve the Commission’s heating demand goals. The strategy also sets a target for 4% of buildings per year to switch to low-carbon heating systems, such as heat pumps or district heating, which are more fuel-efficient than boilers. Achieving this target would mean that almost all new heating units bought in a given year would be low-carbon by 2026.

The renovation wave will cost 275 billion euros per year – triple the amount now spent on energy efficiency – with about 90 billion euros provided by public investment. No single dedicated fund has been established. Instead, the commission plans to leverage a combination of recovery and green investment funds. This would result in energy efficiency projects exhausting over three-quarters of the total funds available until 2030 alone.

The renovation wave also carries implications for existing EU policy. Part of the strategy is to revise existing requirements around minimum building standards and energy performance certificates. The EU ETS may also be expanded to include building emissions after a 2021 review, but BNEF finds it unlikely that this would occur much before 2030, if at all.

The strategy also mentions applying circular principles and utilizing sustainable materials but identifies only limited practical steps. Given that the construction and demolition sector is responsible for more than six times as much waste as households and that waste from the sector is expected to grow 33% by 2050, this will need to be addressed.

SDCL Senior Adviser appointed as Official Adviser to UK Board of Trade

Posted on: September 11th, 2020 by dusted No Comments

SDCL welcomes the announcement that its Senior Adviser, Michael Liebreich, has been appointed as an Official Adviser to the Board of Trade by the UK Government.

The Board of Trade and its advisers comprise senior figures from business, academia and government. Originally constituted in the early 17th Century but recently revived, its President is Liz Truss, Secretary of State for International Trade. Its members and advisers are expected to use their influence to help Britain make a stronger case for free trade on the international stage.

Michael became Senior Advisor to SDCL in September 2018 and is a global authority on clean energy and transportation, smart infrastructure, technology, climate finance and sustainable development. He is Chairman and CEO of Liebreich Associates and serves on a number of advisory boards.

SDCL’s CEO, Jonathan Maxwell, said: “We’re delighted that Michael’s considerable knowledge and experience will be utilised by the government in the negotiation of future trade deals. He is a highly valued advisor to SDCL and we have no doubt the Board of Trade will benefit greatly from his deep understanding of the challenges and opportunities that the UK the global economy face at this critical point in history.”