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The West of England Mayoral Combined Authority Committee is spearheading a groundbreaking initiative that could bring renewable energy to as many as 36,000 homes while slashing household energy costs by an impressive £6 million over the next dozen years.
In a bold move, the Committee unveiled a £100 million investment fund to supercharge the region's green economy. The plan is to jumpstart progress by committing £10 million of public funds to attract a hefty £90 million in private investment. The objective? To fuel growth and create jobs in sectors that are at the forefront of the transition to net zero emissions.
The fund, announced last week, is focused on kickstarting renewable energy projects that promise significant environmental and financial benefits for thousands of residents.
Metro Mayor Dan Norris, who chairs the Combined Authority Committee, is leading this initiative. The committee includes key leaders from Bath & North East Somerset, Bristol City, and South Gloucestershire councils, representing over 1.1 million people.
With the pressing goal of reaching net zero emissions by 2030, the West of England is poised to lead the charge in both environmental protection and economic renewal, setting the stage for a sustainable and resilient future.
"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 rolled out in collaboration with Bristol and Bath Regional Capital (BBRC), a key player in the local investment landscape. BBRC, a place-based investor, has already funnelled an impressive £71 million into the region over the past ten years, building a robust portfolio of projects centred around achieving net zero. This partnership is poised to leverage BBRC's expertise and track record, further accelerating the region's journey towards sustainability and economic growth.
"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 most significant urban hub, made history in 2018 as the first UK local authority to declare a climate emergency and commit to becoming carbon neutral by 2030, the region has evolved into a thriving centre for climate action and innovation.
This year, for instance, Bristol City Leap—a pioneering 20-year collaboration between Bristol City Council, Ameresco, and subcontractor Vattenfall Heat UK—announced a bold £750 million business plan to fast-track the city's decarbonization goals over the next five years.
The region has also been the testing ground for numerous smaller but impactful green initiatives. These include a £1.6 million study to assess the potential of tapping into heat from abandoned mines for district heating, the launch of the UK's fastest and greenest supercomputer, and a groundbreaking project this summer to recycle one million used nappies. Each of these efforts demonstrates the region's commitment to innovative solutions that support sustainability and the fight against climate change.
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