The group is seeking to raise £200 million for the Foresight Environmental Fund, which will finance small-scale waste-to-energy and recycling plants.
The fund has already received £35 million from the London Green Fund and a further £35 million from local authority pension funds and other investors.
Foresight Group partner Matt Taylor says a number of projects have been identified for investment, but the group is ‘actively encouraging’ other waste and recycling companies to present proposals for investment.
Taylor adds, ‘We believe that recycling and recovery are [among] the most sustainable sectors of London’s industry. These projects can become firmly embedded in London’s economy, by generating secure local employment and long-term financial and environmental benefits.’
London Mayor Boris Johnson launched the fund today, commenting, ‘A century ago London was cashing in on carbon, but I am determined we now harness the wealth of investment opportunities coming from the shift away from the use of increasingly costly fossil fuels.
‘The prize is not only better environmental stewardship and cash savings, but the injection of billions of pounds into the city’s economy and tens of thousands of high quality jobs.’
Earlier this month, Foresight signed a £50 million agreement with energy services company Our Generation to install solar power panels across the UK over the next year.
The London Green Fund is managed by the European Investment Bank and has £100 million to support green projects in the capital.
