£18m North of Tyne low carbon investment fund launches

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Small and medium-sized businesses, public sector organisations, and community groups developing low carbon projects across Newcastle, Northumberland, and North Tyneside can now access up to £2m of investment per project through the North of Tyne Combined Authority’s Green New Deal Fund.

The Fund, which opens to applications today, will invest £18 million in low carbon infrastructure in the North of Tyne Combined Authority area over the next four years,  including community energy schemes, Electric Vehicle charging solutions, building retrofits, small scale renewables, natural capital, and low carbon heating systems.

Cllr Nick Forbes, Portfolio Holder for Jobs, Innovation and Growth commented on the announcement: “The COP 26 UN Climate Change Conference in Glasgow highlighted the urgent need for all nations to take climate action now.

“The launch of the Green New Deal Fund signals our region’s commitment to reduce carbon emissions and support the growth of the green economy here in the North East.

“Investing in projects that are creating new, innovative solutions to address decarbonisation will position the North East at the forefront of the UK’s green industrial revolution, and see the region become a major destination for skills in green jobs.

“The Green New Deal Fund gives businesses in the North of Tyne Combined Authority the opportunity to play a leading role in helping the UK reach its net zero target by 2050.”

Loans, equity and grants are available to fund small and medium-sized innovative projects that deliver significant carbon savings and help create new jobs, and develop skills in the region’s green and low carbon industries.

For every £4,525 invested, each project must save one tonne of carbon dioxide per annum, and energy efficiency projects must create a 10% reduction in energy costs.

Projects awarded funding will also be encouraged to support local supply chains, helping to create new jobs in the sector.

The fund is delivered in partnership with Amber Infrastructure.

The Green New Deal Fund comprises a £9 million investment from the North of Tyne Combined Authority, with Amber – in its role as fund manager – tasked with sourcing an additional £9 million investment, bringing the total investment by the Fund to £18 million.

Business interested in applying to the Green New Deal Fund can find more information on the North of Tyne website.