An investment fund worth £100m is to be set up to help finance the West of England’s drive towards a green economy, including supplying up to 36,000 homes with renewable energy.
The fund was approved by the West of England Combined Authority, which has committed £10m of new investment.
According to Metro Mayor Dan Norris, who leads the authority, this will be used to attract a further £90m of private investment to create growth and jobs in important net zero industries.
The fund would then be used bring renewable energy to around 36,000 homes across the region, with Mayor Norris saying this could slash household energy bills in these properties by up to £6m over the next 12 years.
This would not only help tackle the spiralling cost of energy for residents and businesses but help the West of England meet its ambition of being net zero by 2030.
The fund’s investment opportunities will be delivered in partnership with BBRC, the West of England place-based impact investor that has already brokered and invested £71m into the region in the past 10 years and developed a wide portfolio of net zero opportunities for investment.
Mayor Norris said: “Tackling the climate crisis and delivering on our net zero and wildlife recovery ambitions are essential. 
“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.”
The combined authority’s investment in the fund will be used to leverage private finance by providing confidence to potential investors and demonstrating the region’s commitment to lead on the green economy.
BBRC chief executive Ed Rowberry, pictured, said: “We’re delighted the combined authority has taken the decision to initiate this £100m fund.
“While 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.”
