Amber Infrastructure has teamed up with UK local authorities to launch Green New Deal Fund (GNDF), a new low carbon fund.
Amber said the £18m (€21m) fund has been created in partnership with the North of Tyne Combined Authority (NTCA), a partnership comprising Newcastle, North Tyneside, and Northumberland local authorities.
GNDF has been established to help the region meet its net zero strategy, providing finance to both the public sector and to small and medium-sized enterprises.
Amber said the fund can provide loans, equity and grants to fund small and medium-sized projects that ”deliver significant carbon and energy savings” in the region’s green and low carbon industries.
Projects that the GNDF can fund include community energy schemes, electric vehicle charging solutions, building retrofits, small scale renewables, natural capital and low carbon heating systems.
Giles Frost, chairman of Amber Infrastructure said: “This fund will help to support growing businesses and develop talent in the low carbon sector, whilst also acting as a catalyst for inward investment in the region.”
Councillor Nick Forbes, portfolio holder for jobs, innovation and growth said: “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.”
Jamie Driscoll, the mayor of North of Tyne, 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.”
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