Net Zero – picking up the pace with the National Wealth Fund
Earlier this week the council published the Decarbonisation Pathways Study, which details how the city can transition to low carbon energy systems through high-impact projects.
New business models and financing options are needed to unlock the energy transition at a local level. Considering this, the council is developing a Net Zero investment project pipeline in line with the evidence and suggested priority actions detailed in the study.
The National Wealth Fund was formed in October from what was formerly the UK Infrastrucure Bank, and capitalised with £27.8bn by the new government. Part of their remit is to work with councils to bring in private investment to help deliver their clean energy ambitions.
On 13 November, in the first of two workshops, the council’s Net Zero team examined what is being done in other cities and regions, what might be suitable for Brighton & Hove and the potential approaches to investment.
Investing in a Net Zero programme for the city
Councillor Tim Rowkins, Cabinet member for Net Zero and Environmental Services, said: “The scale of the challenge to get a city like ours to net zero is huge, and the council’s own funding will not be sufficient.
"Now that we have our Decarbonisation Pathways Study we’re able to start packaging up some of the priority projects into investable workstreams. Having had conversations with what was the UK Infrastructure Bank already, I’m really pleased that they have been able to come to Brighton & Hove so soon after becoming the National Wealth Fund to help us make our plans become a reality."
“The first session has already been incredibly useful. We’ve been evaluating potential funding models and discussing how they might work here in Brighton & Hove taking into account our assets, public sector buildings, geography, housing stock and so on.
“At the end of the second workshop, we’ll be well placed to make informed decisions about which delivery model would be best for Brighton & Hove in the context of the specific projects we have identified as priorities.”
The second workshop, which will take place next week, will look in more detail at the priority projects highlighted in the Decarbonisation Pathways Study and possible sources of finance.
Stuart Leslie, Director, Local Authority Advisory & Lending at the National Wealth Fund, said: “Local authorities have ambitious targets to deliver projects that support the transition to net zero and deliver economic growth, and our impartial advisory service is designed to support them in realising their goals.
“We look forward to continuing to work with Brighton & Hove as they seek to bring together public and private investment to support large-scale delivery of low carbon energy projects across the city.”
The National Wealth Fund
The National Wealth Fund (formerly UK Infrastructure Bank) partners with councils and the private sector to support projects that tackle climate change and drive growth across the UK. This includes offering commercial and financial advisory services and market-leading lending to local authorities across the UK.
Read more about the National Wealth Fund.
