Greenwich Council has approved plans to create a new £25m cable car link across the River Thames between Greenwich Peninsula and the Royal Docks.
Transport for London (TfL) is behind the scheme, which is expected to be completed in time for the 2012 Olympic and Paralympic Games.
Crossing the river at a height of more than 50m (164ft), the link will provide the capital with the UK's first urban cable car service and will be available to pedestrians and cyclists.
The project will cable cars crossing the Thames every 30 seconds and accommodating up to 2,500 pedestrians an hour.
TfL's scheme, which will cut the journey time between the O2 Arena and ExCeL to just five minutes, is now due to go before the Greater London Authority.
Meanwhile, Greenwich Council also approved plans for a new cruise liner terminal on the east side of the peninsula at Enderby Wharf, which will include a 251-room hotel.
Council leader Chris Roberts said: "Both of these spectacular projects are unique ventures for a unique location, which will further cement Greenwich Peninsula's reputation as a world-class destination."
