Mayor Boris urges low-carbon firms to 'list in London'

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Mayor Boris Johnson has today called on low-carbon businesses to "list in London" at the launch of a £70m fund designed to finance low-carbon waste and recycling infrastructure in the capital.

Speaking at the London Stock Exchange this morning, the mayor reiterated his pledge to make the capital one of the world's leading green investment hubs, arguing that London's exchanges offered an attractive home to low-carbon businesses seeking a stock market listing.

Johnson also confirmed that sustainable asset manager Foresight Group will manage a waste and recycling fund on behalf of the £100m London Green Fund (LGF), which itself is managed by the European Investment Bank.

The £70m Foresight Environmental Fund, launched today, has secured a start-up investment of £35m from LGF, which Foresight has doubled with commitments for a further £35m from local authority pension funds and other investors.

Repayments back to the fund will be effectively recycled to support further projects, with the group aiming to leverage a total of £200m of investment from pension funds and other private sector investors.

Launching the fund today, Johnson urged firms to help make London "the home of low-carbon investment".

"I want to support all the efforts that are being made today and I very much want to see firms that are involved in trying to cash in on this wonderful business to list in London," he said.

"And in order to stimulate that kind of activity, we are of course going ahead with the London Green Fund cash freebie mayoralty from the Greater London Authority group [...] that will not only provide jobs but reduce carbon as well."

Foresight Group partner Matt Taylor said the company has already identified a number of projects that could access the fund, but he also urged waste and recycling companies to come forward with additional proposals.

"We believe that recycling and recovery are among the most sustainable sectors of London's industry, and these projects can become firmly embedded in London's economy by generating secure local employment and long-term financial and environmental benefits," he said.

A second LGF fund to manage energy efficiency projects, with a start-up investment of £50m, is expected to be launched later this year once a fund manager has been appointed.