Amber Infrastructure has partnered with UK local authorities to launch the Green New Deal Fund (GNDF), a new low carbon fund.
Amber said the Â£ 18million (â¬ 21million) fund was created in partnership with the North of Tyne Combined Authority (NTCA), a partnership comprising local authorities in Newcastle, North Tyneside and Northumberland.
GNDF was created to help the region achieve its net zero strategy, providing finance to both the public sector and small and medium enterprises.
Amber said the fund can provide loans, equity and grants to finance small and medium-sized projects that “produce significant carbon and energy savings” in green and low-carbon industries. of the region.
Projects that GNDF can fund include community energy programs, electric vehicle charging solutions, building renovations, small-scale renewables, natural capital, and low-carbon heating systems.
Giles Frost, President of Amber Infrastructure, said: âThis fund will help support growing companies and develop talent in the low-carbon sector, while also serving as a catalyst for foreign investment in the region.
Councilor Nick Forbes, Jobs, Innovation and Growth Portfolio Holder, said: âThe launch of the Green New Deal Fund signals our region’s commitment to reducing carbon emissions and supporting the growth of the green economy here in the North East.
“Investing in projects creating new innovative solutions to tackle decarbonization 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 offers North of Tyne Combined Authority companies the opportunity to play a leadership role in helping the UK achieve its goal of net zero by 2050.”
Jamie Driscoll, Mayor of North of Tyne, said: âThe world has accepted that we have to reach net zero as soon as possible. Offshore wind and electric vehicles are essential components. But what about micro-solutions at the local level? How to help organizations and communities to install heat pumps and micro-generation and even basics like insulation?
âOur Green New Deal gives them access to the capital they need to reduce carbon emissions now. They will repay the fund over time, which will allow 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 local areas need to go net-zero.
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