Two Local Net Zero Accelerator projects have received the bulk of £19 million funding from the UK government.
The Local Net Zero Accelerator pilots, are operated by the Greater Manchester Combined Authority and the West Midlands Combined Authority. The former council will receive £7 million, and the latter £10 million, with the money earmarked for use in installing new rooftop solar panels and battery storage systems, and building and deploying new buses powered by electricity.
The UK government also noted that the project aims to overcome “barriers to attracting private sector investment” for net zero projects on the local level, by granting local councils funds to get projects off the ground, to attract investors interested in supporting projects at scale.
The fact that these projects will all operate under the same Local Net Zero Accelerator scheme could also make private funding more straightforward, as investors will have to work with a single government initiative rather than a range of local councils, which could encourage more private backing.
The £19 million investment is hoped to encourage local councils to attract investment and deploy renewable power projects to help the country reach its net zero targets.
“The UK is a world leader when it comes to tackling climate change,” said Lord Callanan, minister for energy efficiency and green finance. “But the work we do locally is just as important for cutting emissions and delivering net zero.”
“These pilots will help combined authorities to unlock private sector investment that they can spend on green projects they see fit locally, whether that be retrofitting housing or investing in green public transport networks – all while supporting skilled jobs, building out supply chains and growing our economy.”
The above was taken from a article published on our sister site Current± and can be read in full here, including information on the third of the three projects to share in the funding.
