London mayor to give city's buildings green makeover

September 2, 2011

In a trend that will likely extend to cities across the world, London Mayor Boris Johnson has announced the creation of a fund to build more energy efficient buildings in the English capital, according to the London Evening Standard.

Low-cost loans will be provided to buildings and organizations that want to comply with the new energy efficiency regulations that are a prerequisite for the funding, as these companies may be drawn to the long-term cost reductions that the program promises, according to the news source.

"This multi-million pound fund will assist in improving the efficiency of the capital's public buildings," the mayor said in a statement. "It is a great example of the type of innovative thinking that will stimulate green economic growth for the capital while also saving taxpayers' money on energy bills."

The low-cost loan program was designed due to the fact that London's buildings are responsible for more than 80 percent of the city's carbon emissions, with the public structures accounting for more than 10 percent of this, according to a government release.