In a recent announcement London Mayor Boris Johnson revealed a plan to fund a programme of sustainable energy projects in some of the poorest parts of London. The plan, which was the brainchild of Boris Johnson and Pawel Samecki, Commissioner of European Regional Policy, hopes to create over one thousand jobs in some of the poorest areas of East London. The project will benefit from over one hundred million pounds of joint funding. Johnson says that the project will put the United Kingdom ahead of the curve when it comes to sustainable energy as well as create much needed jobs in some of the poorer parts of London.
The project is being called JESSICA, which stands for Joint European Support for Sustainable Investments in City Areas. The one hundred million pounds currently dedicated to the project will largely come from three sources. Fifty million pounds will come from the European Regional Development Fund, thirty two million will come from the London Development Agency, while the remaining eighteen million pounds will come from the London Waste and Recycling Board. The fund will be controlled by the European Investment Bank and will fund projects dealing with the decentralized recycling, energy, and energy creation projects.
Boris Johnson says that the project will not only be good for the areas of East London but for the entire city as well. He thinks the project will help stimulate a more carbon conscious economy in addition to stimulating the economy of some of the poorest areas of East London.
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