A massive boost to green investment in the West of England has been announced today (Friday 20 September).
The West of England Mayoral Combined Authority Committee, chaired by Mayor Dan Norris, has approved setting up a £100 million investment fund to drive the green economy.
Mayor Dan Norris said: “Tackling the climate crisis and delivering on our net zero and wildlife recovery ambitions are essential. My Mayoral Combined Authority is committing £10 million of new investment to attract £90 million of private investment to create growth and jobs in important Net Zero industries.
“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.”
The Mayoral Combined Authority investment will be used to leverage private investment by providing confidence to potential investors and demonstrating the region’s commitment to lead on the green economy.
The total public and private investment from this fund is estimated to help to supply up to 36,000 homes with renewable energy and save households £6m on their energy bills over the next 12 years – an essential step to tackling the spiralling cost of energy for residents and businesses across the region.
The investment opportunities will be delivered in partnership with BBRC, a place-based investor that created the fund model and has a strong record of brokering and investing £71m into the region in the last ten years and has already developed a wide portfolio of Net Zero opportunities for investment.
Ed Rowberry, Chief Executive of BBRC, said: “We’re delighted the West of England Mayoral Combined Authority has taken the decision to initiate this £100m fund.
“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.”
