62 City Focus
represents approximately 4% of London’s economy.” It is hoped the RE:FIT program will also incentivize the uptake of emerging technologies for carbon abatement, off ering yet more opportunities for business development and profi t.
programs, whether in energy effi ciency, decentralized energy or transport, seek to harness expertise from the private sector as well as attract funding. “But this isn’t about getting out a begging bowl. London is a fantastic city that companies want to invest in and be associated with. Our job here at City Hall is to focus and increase that spending in ways that deliver maximum benefi t for Londoners. “Take, for example, the regeneration of east London. We are determined to ensure we use the Olympic and Paralympic Games to create a thriving new urban quarter that will stimulate jobs, homes and businesses. This is set to deliver a once-in-a-lifetime legacy for the capital and it is being done with sustainability at its heart to stimulate green enterprise. “The mayor has aggressively championed innovation in London’s approach to the environment and
specifi cally emphasized the
importance of working with the private sector. This recognizes the task of carbon reduction is not simply something that can be solved by one sector or another. “We’ve worked hard to understand London’s strengths in the low-carbon fi eld to ensure we exploit these in our conversations with the private sector. Our offi cials understand attracting low- carbon investment into London is key to job creation as well as strengthening and diversifying the city’s economy. “The prize is high, as we estimate the global market for associated goods and services is over £3tn ($4.8tn) and this is expected to rise by about £368bn ($595bn)per year if we are to meet global climate change targets. In London, the size of this market in 2008/09 was already about £22bn ($35bn), which currently
“Migrating towards a low-carbon London not only has obvious environmental
benefi ts but also signifi cant economic opportunities as well”
KULVEER RANGER, THE MAYOR’S DIRECTOR OF ENVIRONMENT CREATING CLIMATE WEALTH
investment in energy effi ciency retrofi ts required to reach London’s carbon target
BILLION £40
New global network Virginie Caujolle-Pradenc, RE:FIT project manager for the London Development Agency, says: “We’d defi nitely like to see the program drive implementation of new technologies. What you have is a public sector organization with a set amount of capital investment and a target for energy savings. We always say to them don’t specify what you want in
terms of solutions, the ESCOs are the experts and they will be looking for ways to meet the
energy saving targets while maximizing their profi ts.” This enormous opportunity
for business to profi t from the fi ght against climate change is Carbon War Room’s raison d’être for creating a global network of city administrators working in co-operation with the private sector to encourage the deployment of capital. Boyd says: “We’re constantly working with best-in-class cities and technologies around the world and look for what technologies are being adopted globally. London’s RE:FIT scheme has groundbreaking elements to it that will encourage the take-up of new technologies, and we hope we’ll be able to help London and the associated companies signed up to the scheme to get a voice on a global stage. “We have no agenda or stake in it other than the fact that we want replicable energy-effi ciency fi nancing deals to be done. The idea is to get replicable deals done, so that other cities and fi nancial providers can copy the framework. This is a big industry – we estimate it’s worth $3tn in the energy-effi ciency industry for buildings in the US alone.” ||||
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