Credit: iStock
Fresh public and private funding to help supply up to 36,000 homes with renewable energy and save households £6m over the next 12 years
The West of England Mayoral Combined Authority Committee has launched a £100m investment fund to help accelerate the development of the region's green economy.
Through the new fund, the Authority has pledged to provide £10m of new investment that will aim to catalyse £90m of private finance for projects that can generate growth and create jobs in net zero industries.
Confirmed late last week, the new fund is aiming to unlock projects that can supply up to 36,000 homes with renewable energy and save households £6m on their energy bills over the next 12 years.
Chaired by Metro Mayor Dan Norris, The West of England Combined Authority Committee is made up of the leaders of the region's three constituent councils - Bath & North East Somerset Council, Bristol City Council, and South Gloucestershire Council - which together serve more than 1.1 million people.
The Combined Authority has set a target to become a net zero emission region and halt the decline of the natural environment by 2030.
"Tackling the climate crisis and delivering on our net zero and wildlife recovery ambitions are essential," said Norris. "The fund is a massive vote of confidence in the potential of our region to be a leader in renewable energy and green technology.
"I am saying to businesses and investors that this region is leading the way; come and invest with us and be part of the green revolution the West of England needs and is committed to."
Investment opportunities will be delivered in partnership with Bristol and Bath Regional Capital (BBRC), a place-based investor which has already invested £71m in the region over the last decade and developed a wide portfolio of net zero projects.
"We're delighted the West of England Mayoral Combined Authority has taken the decision to initiate this £100m fund," said Ed Rowberry, chief executive of BBRC. "Whilst the West of England has made progress on delivery of Net Zero and nature recovery, the scale of investment required to meet its ambitions and tackle the Climate and Nature emergency needs bold action to accelerate it.
"That means introducing new delivery models with a greater focus on private sector investment and alternative funding approaches. BBRC has a proven and credible track record of delivery, attracting vital private sector investment to the region that it otherwise wouldn't get."
Since Bristol, the West of England's largest urban centre, became the first local authority in the UK to declare a climate emergency in 2018 and pledged to become carbon neutral by 2030, the region has become a hotspot for climate action and innovation.
Earlier this year, for example, Bristol City Leap - a 20-year joint venture between Bristol City Council, Ameresco, and their subcontractor Vattenfall Heat UK - set out a £750m business plan to accelerate the city's decarbonisation efforts over the next five years.
Moreover, the region has hosted a number of smaller scale green schemes including a £1.6m study to explore potential for harnessing heat from disused mines for district heating networks, the launch of the UK's fastest, most powerful, and green supercomputer, and a scheme this summer to recycle one million used nappies.
Keep up to date with all the latest green business news by signing up to the free Daily and Weekly BusinessGreen Newsletters.
