‘Groundbreaking’ North of Tyne £18m low carbon investment fund opens for applications

The North of Tyne Combined Authority has announced the launch of a £18 million Green New Deal Fund to fuel low carbon investment in the region.

SMEs, public sector organisations, and community groups developing low carbon projects across Newcastle, Northumberland, and North Tyneside can apply for £2 million of investment per project. These could include a focus on any of the following areas: community energy schemes, electric vehicle charging solutions, building retrofits, small scale renewables, natural capital, and low carbon heating systems.

Awarded projects will be encouraged to use local supply chains to support jobs growth in the sector. For every £4,525 invested projects will also be required to save one tonne of carbon dioxide per annum, while energy efficiency projects must create a 10 per cent reduction in energy costs.

Talking about the importance of micro-generation and action at local level, North of Tyne Mayor Jamie Driscoll (pictured above) said: “The world has accepted that we need to hit net-zero as soon as possible. Offshore wind and electric vehicles are essential components. But what about the micro-solutions at a local level? How do we help organisations and communities install heat pumps and micro-generation and even basics like insulation?

“Our Green New Deal gives them access to the capital they need to reduce carbon emissions now. They will repay the fund over time allowing more investment to help other people. The North of Tyne Green New Deal Fund will create jobs, reduce emissions, and save money – it’s the kind of innovation that’s needed for local areas to become net-zero.”

The £18 million total is comprised of a £9 million investment North of Tyne Combined Authority, and an additional £9 million investment, which a partnership with Amber Infrastructure, a leading specialist infrastructure investment fund manager, will be charged with sourcing and delivering.