London secures £100m for green initiatives to regenerate deprived areas

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 Mayor of London, Boris Johnson and European Commissioner for Regional Policy, Paweł Samecki announced today.

The joint funding will finance decentralised energy, recycling and waste energy creation projects. The initial investment in the Joint European Support for Sustainable Investment in City Areas fund (JESSICA) is made up of £50 million from the European Regional Development Fund, £32 million from the London Development Agency, and £18 million from the London Waste and Recycling Board.

The Mayor of London, Boris 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."

European Commissioner for Regional Policy, Paweł Samecki:

“The JESSICA Fund will make a significant contribution to sustainable regeneration and improved quality of life in the most deprived areas of London. Unlike a one-off grant, this fund can be re-cycled and re-invested, which means the money goes further and delivers better long-term results”